SEBI to bid four Ravi Kiran properties to recover investors' money

The Securities and Exchange Board of India (SEBI) has told the media that it would auction four real estate properties of Ravi Kiran Realty India Limited and its promoters to recover the investors' money. SEBI said these properties are situated in West Bengal, which will be auctioned at a reserve price of Rs 3.22 crore. SEBI said that it would float tender for the sale of these properties, and the auction will be conducted online. The regulator has asked the interested bidders to enquire about the measurement, nature, type, classification, litigations, encumbrances, attachments and liabilities of the properties on auction. Last year, in October, SEBI told the media that it would auction four properties of Ravi Kiran Realty India Limited on 5 November 2020. The company had also raised funds by issuing redeemable preference shares (RPS) to 1,176 people without complying with the public issue norms. The company will have to list its securities on the recognised bourse since the shares were issued to over 50 people, as per the public issue norms. It also required filing a prospectus, which it failed to do. Previously in March 2016, SEBI ordered the company to refund investors' money. However, it failed to do so, and the regulator initiated the recovery proceedings against the company, its promoters and directors. Image Source