The Securities and Exchange Board of India (SEBI) plans to auction 13 properties, including those of Sunheaven Agro India and RaviKiran Realty India, on January 22, 2024, to recover funds allegedly collected illegally from investors. The auction, featuring land parcels in West Bengal and Jharkhand, aims to address non-compliance with public issue norms by these companies. SEBI's initiative underscores its commitment to enforcing regulatory compliance and protecting investor interests in the capital markets.
The Securities and Exchange Board of India (SEBI) has announced plans to auction 13 properties belonging to five companies, including Sunheaven Agro India and RaviKiran Realty India, as well as those of their promoters and directors on January 22, 2024. The auction aims to recover funds that were allegedly collected illegally from investors by these companies. The properties, located in West Bengal and Jharkhand, will be auctioned at a reserve price of Rs 15.08 crore, and the process will be conducted online with Quikr Realty assisting in the sale.
SEBI's decision to auction these properties is part of its efforts to recover money collected by the companies without complying with public issue norms. The five companies involved are Sunheaven Agro India, RaviKiran Realty India, Just-Reliable Projects India Ltd, Orion Industries, and the Rakhal Bharoti group of companies.
The auction will include land parcels associated with these companies, and SEBI has urged potential bidders to conduct independent inquiries regarding encumbrances, litigations, title details, and claims before submitting bids. The auction is scheduled to take place online on January 22, 2024, from 11 am to 1 pm.
Sunheaven Agro India, according to previous SEBI orders, allegedly raised Rs 11.54 crore between 2009-10 and 2012-13 by allotting Redeemable Preference Shares (RPS) to around 7,772 investors. Similarly, RaviKiran Realty India reportedly raised funds by issuing RPS to 1,176 individuals.
Orion Industries is accused of collecting Rs 5.46 crore between 2011 and 2013 by issuing redeemable preference shares to nearly 4,200 people without complying with the public issue norms specified under the Companies Act.
The Rakhal Bharoti group of companies, specifically Fish and Food Processing Ltd, is alleged to have raised Rs 11.4 lakh by issuing secured redeemable debentures to 83 people during 2012-13 and 2013-14.
SEBI has consistently taken stringent measures against entities violating public issue norms, emphasizing the need for companies to comply with regulatory requirements to protect the interests of investors. The auction of these properties is a step towards recovering funds and ensuring accountability in the capital markets.
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