Kerala Housing Finance properties to be auction by Sebi

On February 4, The Securities and Exchange Board of India (Sebi) is going to auction properties of the Kerala Housing Finance for the recovery of long dues. The reserve price for the same is Rs 1.3 crore. The properties which will be sold include flats and land parcels. An Ashok Leyland AC Semi Deluxe Airbus will also be sold. On Tuesday the Securities and Exchange Board of India (Sebi) informed the above via a notice. This is an effort made by Sebi's for recovering the money of their investors. Kerala Housing Finance had previously collected funds from several investors by issuing the securities without following the mandatory regulatory norms. Quikr Realty Limited has united with Sebi for providing assistance in the sale of Kerala properties. It will be conducted via an e-auction platform - C1 India. Sebi has informed that e-auction will be held at 11 am on February 4. The interested bidders have to make inquiries independently on their own relating to various aspects of the assets before the submission of their bids. Six series of secured redeemable Non-Convertible Debentures (NCDs) that were labeled A to F were issued by the Kerala Housing Finance during 1999-2014. The total number of allottees was 23,538. Additionally, preference shares were allotted to 1,071 investors by the company. A total of Rs 19 crore was collected in 2014-15 and 2015-16. Kerala Housing Finance, its promoters, and directors were directed to refund the money with interest within a period of 180 days by Sebi in August 2017. Image Source