The Securities and Exchange Board of India (SEBI) will auction nineteen properties from seven companies on August 12 to recover funds illegally collected from investors. The companies include Mangalam Agro Products, Sun Plant Business Ltd, and Sumangal Industries. Other firms involved are Sunheaven Agro India, Ravi Kiran Realty India Ltd, Jivan Sathi Dream Projects, and Purusattam Infotech Industries. The properties, located in West Bengal and Odisha, have a reserve price of INR 20.74 crore. The online auction will be conducted from 11 am to 1 pm, assisted by Adroit Technical Services. SEBI advised bidders to verify property details independently.
On August 12, the Securities and Exchange Board of India (SEBI) will auction 19 properties belonging to seven companies, including Mangalam Agro Products, Sun Plant Business Ltd, and Sumangal Industries. This action is part of SEBI's ongoing efforts to recover funds that these companies illegally collected from investors.
Other companies involved in this auction include Sunheaven Agro India, Ravi Kiran Realty India Ltd, Jivan Sathi Dream Projects, and Purusattam Infotech Industries. The properties up for auction include land with building structures, flats, land parcels, and land with structures, located in West Bengal and Odisha.
The reserve price for these properties is set at INR 20.74 crore. SEBI announced that the auction will be conducted online on August 12 from 11 am to 1 pm. SEBI has invited bids for the sale of these properties as part of recovery proceedings against the companies and their promoters/directors. Adroit Technical Services has been engaged to assist SEBI with the auction process. SEBI advised potential bidders to conduct independent inquiries regarding any encumbrances, litigations, attachments, or claims related to the properties before submitting their bids.
Out of the 19 properties being auctioned, seven are linked to Mangalam Agro Products, four to Sun Plant Business Ltd, three to Sumangal Industries, and two to Jivan Sathi Dream Projects. There is also one property each from Sunheaven Agro India, Ravi Kiran Realty India, and Purusattam Infotech Industries.
These companies collected money from investors without complying with market regulations. According to SEBI's previous orders, Sunheaven allotted Redeemable Preference Shares (RPS) to about 7,772 investors, raising INR 11.54 crore between 2009-10 and 2012-13. Ravi Kiran raised funds by issuing RPS to 1,176 individuals. Mangalam Agro collected INR 11 crore from the illegal issuance of secured non-convertible debentures (NCDs) to around 4,820 investors during 2011-2012, while Sun Plant Business gathered INR 4.17 crore from 2005 to 2008. Sumangal collected INR 85 crore from investors through illegal collective investment schemes (CIS).
This auction is a crucial step by SEBI to ensure that investors get back their money from these non-compliant companies.
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