+
 SEBI plans to auction Royal Twinkle, Citrus Check Inns properties
Real Estate

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

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

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?