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SEBI Auction of Property: Market regulator SEBI announced on Thursday that it will auction 17 properties of seven groups. These seven business groups include groups like MPS Group, Tower Infotech and Vibgyor Group and their properties will be auctioned on June 28. SEBI’s plan will recover investors’ money of Rs 51 crore from these seven groups.
Apart from this, SEBI has put a moratorium on certain properties. The Security and Exchange Board has informed in the notice that the assets of the companies of Prayag Group, Multipurpose BIOS India Group, Waris Finance International Group and Pailan Group have been kept in block property.
What else is included in 17 properties
The 17 properties being auctioned include land parcels, multi-storey buildings, flats and a commercial space located in West Bengal. If anyone wants to bid in it, he can participate in it through online medium. This auction will run from 11 am to 1 pm. Out of this, properties worth a total of Rs 51 crore will be auctioned, which has been estimated for the value of these properties. Quikr Realty has been engaged by SEBI to assist in the sale of these properties.
How many properties of which group
Of the total properties to be auctioned, five belong to MPS Group, four to Vibgyor, three to Pailan Group of Companies, two to Tower Infotech and one each to Multipurpose BIOS India Group, Prayag Group and Waris Finance. The regulator said that the bidders should check, inter alia, the encumbrances, headline and claims of the properties put on auction before submitting their bids.
why auction
These seven firms raised money from investors without following regulatory norms, following which SEBI took action. The regulator had directed investors to return their money along with interest, but some properties were attached due to non-receipt of money. The market regulator also attached the demat and bank accounts.
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