 "Sebi to auction assets of Infinity Realcon, Sunheaven Agro on Mar 13")
Capital markets regulator Sebi on Thursday said it will auction 9 properties belonging to four companies -- Infinity Realcon, Bharat Krishi Samriddhi Industries, Ravi Kiran Realty India and Sunheaven Agro India -- on March 13 to recover investors' money.
These companies had raised funds from investors without complying with regulatory norms.
The nine properties to be auctioned include land parcels and a multi-storied building, situated across West Bengal. The total reserve price of these properties is pegged at Rs 3 crore, the Securities and Exchange Board of India (Sebi) said in a notice.
Inviting bids, Sebi said auction of the properties will be conducted through online mode on March 13 during 10.30 am to 12.30 pm. Of the 9 properties to go under the hammer, 4 belongs to Bharat Krishi Samriddhi Industries, 3 relate to Infinity Realcon and one each of Sunheaven Agro India and Ravi Kiran Reality India.
The regulator said the bidders should make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others, prior to submitting their bids.
"The properties are being sold with all the existing and future encumbrances whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims/rights/dues, etc," the notice said.
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Sebi had earlier attached some of the properties of these companies after directives asking them to refund investors' money along with interest did not materialise. In this matter, the markets regulator had also attached demat and bank accounts.
Going by Sebi's order, Bharat Krishi had mobilised funds from the public through issuance of redeemable preference shares (RPS) and non-convertible redeemable debentures (NCDs) in 2012 and 2013 and Infinity Realcon issued RPS to nearly 25,000 investors and mobilised over Rs 19 crore during 2009-10 to 2012-13, Besides, amount mopped-up through issue of debentures was Rs 1 crore.
Further, Sunheaven Agro issued redeemable preference shares to about 7,772 investors and mobilised an amount of Rs 11.54 crore between 2009-10 and 2012-13 and Ravi Kiran had raised funds by issuing redeemable preference shares to 1,176 people.
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