SEBI, the regulatory body, is set to conduct an online auction of properties in Uttar Pradesh with a reserve price of Rs 1.07 crore. The properties were associated with Swar Agrotech, which raised approximately Rs 95 lakh through illicit investment schemes. Interested bidders have the opportunity to inspect the properties between July 17 and July 21. Quikr Realty has been enlisted to assist SEBI in the sale process. This auction marks a significant step towards rectifying the financial misconduct and seeking restitution for the investors affected by Swar Agrotech's illegal activities.
The Securities and Exchange Board of India (SEBI), in a bold and innovative move, will conduct an auction to recover funds raised by Swar Agrotech India Ltd. through illicit schemes. Through a captivating auction, SEBI will offer two alluring properties at a reserve price surpassing Rs 1 crore, showcasing its unwavering commitment to safeguarding the public from illicit schemes.
Inviting enthusiastic participants SEBI announced an exclusive online auction, scheduled from 11 a.m. to 1 p.m. on August 7, where these properties will be unveiled. Nestled in the picturesque landscapes of Uttar Pradesh, these coveted land parcels are poised to capture the imagination of astute investors. SEBI has fixed the total reserve price for these assets at an impressive Rs 1.07 crore, as stated in the official notice. To ensure a seamless auction experience, SEBI has enlisted the expertise of Quikr Realty for the same.
Prospective bidders are being encouraged to personally inspect the properties between July 17 and 21. SEBI has emphasized the importance of independent due diligence, and urged bidders to thoroughly investigate encumbrances, property titles, and any associated claims before submitting their bids. By providing this opportunity, SEBI reaffirms its commitment to empowering bidders with comprehensive information.
Swar Agrotech's financial misconduct is being addressed through the crucial step of conducting an auction. The company had amassed approximately Rs 95 lakh from unsuspecting investors through illegal investment schemes. In March 2016, SEBI firmly ordered Swar Agrotech and its directors to promptly refund the investors' funds within three months.
As the auction draws closer, the anticipation grows for this transformative event organized by SEBI. By actively pursuing justice and protecting the interests of the public, SEBI continues to establish its unwavering position as a guardian of financial integrity. The forthcoming auction stands as a testament to SEBI's resolute dedication to upholding ethical practices and fostering trust in the capital markets.
Swar Agrotech India Limited, incorporated on January 16, 2012, is a public, unlisted company engaged in agriculture and allied activities. It operates with an authorized capital of Rs 5.0 lakhs, with 100 percent paid-up capital amounting to Rs 5 lakhs. The company held its last annual general meeting on August 30, 2013, and its financials were last updated on March 31, 2013, according to the Ministry of Corporate Affairs (MCA). Swar Agrotech India Limited has been actively involved in its business operations for the past 11 years.
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