SEBI plans to auction Royal Twinkle, Citrus Check Inns properties
Securities and Exchange Board of India (SEBI) told the media that it has lined up 46 properties of Royal Twinkle Star Club and Citrus Check Inns for an auction on 6 April 2022, at a reserve price of over Rs 97 crore. It is an initiative to recover funds raised by the companies. The properties lined up for auction include office premises, residential flats, land parcels, shops in Maharashtra, Gujarat, Daman and Dadra and Nagar Haveli. Between November 2019 to 2021, over 220 properties of the companies were auctioned at a reserve price of over Rs 1,200 crore. It was initiated after the Supreme Court directed the sale-cum-monitoring committee to proceed with the sale of 114 properties of the companies within six months during December 2019. In December 2018, SEBI had imposed a penalty of Rs 50 lakh on Citrus Check Inns and its directors for non-compliance with its order, while it restricted them from raising funds from the public. SEBI had received several investor complaints against Citrus alleging that directors of Royal Twinkle were operating their collective investment scheme (CIS) through Citrus. In 2015, SEBI imposed a four-year ban on Royal Twinkle and its directors for illegally raising more than Rs 2,656 crore in timeshare holiday plans. Moreover, it had directed the company to refund the money and promised returns to the investors in three months. Image Source
Also read: Kerala Housing Finance properties to be auction by Sebi
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