SEBI lines up 18 properties of Vibgyor, Pailan, MPS Group for auction

07 Sep 2021 CW Team

Market regulator Securities and Exchange Board of India (SEBI) has lined up 18 properties of Vibgyor Allied Infrastructure, Pailan Group of companies, and MPS Group of companies for an online auction on October 4 at a total reserve price of above Rs 62 crore.

The 18 properties that have been put in the auction include commercial space, office space, land parcels, and a flat located in West Bengal.

This auction is part of the effort of the SEBI to recover the money of the investors.

In a notice, the regulatory body said it will auction MPS Group of companies 13 properties, Vibgyor Allied Infrastructure three properties, and Pallan Group of companies two properties at a total reserve price of over Rs 62 crore. The auction will be carried online on October 4 between 11 am and 1 pm.

As per the Calcutta High Court orders, the SEBI has started the process for the sale of assets of the companies.

Justice Sailendra Prasad Talukdar has been designated as the one-man committee for the firms' assets auction and repaying the investors' money.

These firms had raised money from investors without complying with SEBI norms.

Through illegal collective investment schemes (CIS), MPS Group of companies raised Rs 1,520 crore from investors.

In 2009, Vibgyor Allied Infrastructure raised Rs 61.76 crore by issuing optionally fully convertible debentures (OFCDs) to 49,562 investors, and Pailan Group of companies had raised Rs 83.42 crore by issuing non-convertible debentures (NCDs) to 23,685 people in 2010-11 and 2014-15.

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