 "Sebi to auction properties of Mega Mould, Remac Realty on August 18")
Markets regulator Sebi on Monday said it will auction properties of two companies -- Mega Mould India and Remac Realty India -- on August 18 to recover money that was illegally raised from the public.
It will auction a total of four properties of these two firms for a reserve price totalling Rs 4.05 crore, according to a public notice issued by the Securities and Exchange Board of India (Sebi).
Of the four properties, three relate to Mega Mould and the remaining one belongs to Remac Realty. These properties include flats, a land parcel and a utility room located in West Bengal.
Inviting bids for the sale of properties in the recovery proceedings against the two firms and their promoters or directors, Sebi said the auction will be conducted online on August 18 from 10.30 am to 12.30 pm.
Adroit Technical Services has been appointed as the e-auction service provider.
The regulator has asked the bidders to make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others, before submitting their bids.
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A probe by the regulator had found that Mega Mould raised Rs 888 crore through issuance of Non-Convertible Debentures (NCDs) without complying with the regulatory provisions applicable for a public issue, while Remac Realty was involved in illegal mobilisation of funds from the public through Collective Investment Schemes (CIS) without obtaining a registration certificate from Sebi.
Sebi had directed Mega Mould and Remac Realty as well as their respective directors to refund the money collected by the two firms through separate orders passed in March 2015 and March 2020, respectively. In addition, the companies and their directors were barred from the securities market for at least four years.
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