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

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

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.

Image Source

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. Image Source

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?