The Securities and Exchange Board of India (SEBI) has announced the auction of 13 properties linked to Bishal Group of companies and NVD Solar as part of the recovery proceedings against these companies. The auction, scheduled for December 12, will feature properties with a reserve price exceeding Rs 17 crore. Eight properties are associated with Bishal Group of companies, and the remaining five belong to NVD Solar. The regulatory action is in response to the mobilization of funds through the issuance of Redeemable Preference Shares, allegedly violating public issue norms. The auction will be conducted online, and SEBI urges potential bidders to conduct due diligence.
In a bid to recover funds illicitly collected from investors, the Securities and Exchange Board of India (SEBI) has announced the auction of 13 properties linked to Bishal Group of companies and NVD Solar. The auction, scheduled for December 12, will see these properties go under the hammer with a reserve price exceeding Rs 17 crore, as revealed in a public notice issued by SEBI.
Of the 13 properties slated for auction, eight are associated with Bishal Group of companies, including Bishal Abasan India Ltd, Bishal Distillers Ltd, Bishal Agri-Bio Industries Ltd, and Bishal Horticulture and Animal Projects Ltd. The remaining five properties belong to NVD Solar, and all comprise land parcels and flats located in West Bengal.
The auction, part of the recovery proceedings against the companies and their promoters and directors, will be conducted online from 10:30 am to 12:30 pm on December 12. Adroit Technical Services has been appointed as the auction service provider. SEBI has urged potential bidders to conduct independent inquiries into encumbrances, property titles, and claims before submitting their bids.
The regulatory action comes in response to the mobilization of funds by the four firms through the issuance of Redeemable Preference Shares (RPS) to over 49 individuals, a move that allegedly violated public issue norms. Bishal Distillers, for instance, raised Rs 4 crore, while Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects mobilized Rs 3 crore and Rs 2.84 crore, respectively, between 2006 and 2014.
Bishal Abasan India raised Rs 2.75 crore through RPS during 2011-12, in addition to Rs 89 crore through non-convertible debentures issued between 2012-14. NVD Solar, on the other hand, raised a significant Rs 595 crore during 2012-13 by issuing fresh equity shares to over 1 lakh entities, allegedly without adhering to the regulatory provisions for a public issue.
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