• Source:JND
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Capital markets regulator Sebi will auction 28 assets of five companies, including Bishal Group and Sumangal Industries, on January 27 to recover funds illegally collected from investors by these companies. These properties will be auctioned at a reserve price of Rs 28.66 crore. The properties of Ravi Kiran Realty India, Mangalam Agro Products and Purushattam Infotech Industries will be auctioned.

These include apartments, residential properties, flats, plots, and land with building structures in West Bengal and Odisha. These assets will be auctioned at a reserve price of Rs 28.66 crore, according to a notification issued by the Stock Exchange Board of India (SEBI) on December 19.

The market watchdog has invited bids for the sale of the assets along with their promoters/directors in recovery proceedings against five companies. The move is part of SEBI’s efforts to recover investors’ money. The regulator has also appointed Android Technical Services to assist in selling the assets.

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Of the 28 properties, 17 are associated with Bishal Group, six with Mangalam Agro Products, three with Sumankal Industries and one each with Purushattam Infotech Industries and Ravi Kiran Realty India.

The online auction will be held on January 27, 2025, from 11 am to 1 pm, Sebi said. The regulator has asked bidders to conduct their independent enquiries regarding encumbrances, claims, liens and demands on the properties being auctioned before submitting bids.

These companies have raised funds from investors without following market norms.

As per SEBI’s earlier orders, Mangalam Agro had illegally issued covered non-convertible debentures (NCDs) to around 4,820 investors in 2011-12 worth Rs. 11 crore, while Sumankal had raised Rs. 85 crore from investors through illegal co-investment schemes. CIS).

Bishal Distillers raised Rs. 4 crore, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects raised Rs. 3 crore and Rs. 2.84 crore respectively. The funds were raised by the companies between 2006-14. Also, Bishal Absan India in 2011-12 raised Rs. 2.75 crore and Rs. 89 crore was raised through NCDs in 2012-14. Moreover, Ravikiran has raised funds through RBS grants to 1176 people.

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(With Inputs From PTI)

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