SEBI extends properties auction deadline of Kerala Housing Finance

02 Feb 2022 CW Team

Securities and Exchange Board of India (SEBI) has extended the deadline for the auction of properties of Kerala Housing Finance during the ongoing Covid-19 pandemic. The earlier date of the auction was 4 February.

SEBI said that the regulator had extended the deadline to submit the bids to 15 February from 31 January.

It added that during the Covid-19 situation in Kerala and the convenience of the bidders for their site visit and submission of bids, it had extended the deadline of submission of the bids and the online auction date.

The regulator will auction properties at a reserve price of Rs 1.3 crore to recover investors' money.

The properties to be put on auction include land parcels and flats in Kerala with Ashok Leyland AC Semi Deluxe Airbus.

Kerala Housing Finance has garnered funds from the investors via the issuance of securities without complying with the regulatory orders.

Quikr Realty Limited has been engaged by SEBI to help it in the sale of property through the e-auction platform in Kerala.

The interested bidders will enquire about their encumbrances, litigations, attachments, acquisition liabilities of the properties in the auction.

The Kerala Housing Finance has issued six series of secured redeemable Non-Convertible Debentures (NCDs) labelled A to F to around 23,538 allottees and mobilised funds of Rs 158 crore between 1999 and 2014.

Moreover, the company has allotted preference shares to 1,071 investors and garnered Rs 19 crore during 2014 and 2015 and 2015 and 2016.

In 2017, SEBI directed the company and its promoters and directors to refund the investors' money along with interest in 180 days.

The order came after the regulator received a reference from the National Housing Bank, saying that Kerala Housing Finance has raised funds from the public without complying with the regulatory needs.

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Also read: SEBI tightens rules for IPO

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