The Securities and Exchange Board of India (SEBI) is set to auction 19 properties today, August 12, to recover funds that were illegally collected by seven companies and their directors from investors. The properties, which include buildings, flats, and land parcels located in Odisha and West Bengal, have a reserve price of ?20.74 crore. The companies involved in this auction are Jivan Sathi Dream Projects, Mangalam Agro Products, Purusattam Infotech Industries, Sun Plant Business, Ravi Kiran Realty India, Sumangal Industries, and Sunheaven Agro India.
The auction, scheduled between 11 am to 1 pm, is part of SEBI’s efforts to recover funds from these companies, which had raised money from investors without adhering to market regulations. Bidders have been advised to conduct independent inquiries regarding any legal or financial encumbrances on the properties before submitting their bids. Among the properties up for auction, seven are associated with Mangalam Agro Products, four with Sun Plant Business, and three with Sumangal Industries, with the remaining properties linked to the other companies.
According to SEBI’s previous orders, these companies had collected significant sums from investors through illegal means. For instance, Sunheaven Agro India raised ?11.54 crore from 7,772 investors through Redeemable Preference Shares (RPS), while Mangalam Agro Products secured ?11 crore from 4,820 investors through non-compliant debentures. Sumangal Industries collected a substantial ?85 crore through illegal collective investment schemes, highlighting the extent of regulatory breaches by these firms.
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