Sebi to auction 15 properties on Nov 19, starting at Rs 110.89 million

17 Oct 2024 CW Team

The capital markets regulator, Sebi, announced that it would auction 15 properties belonging to Mangalam Agro Products, Sumangal Industries, and Falkon Industries India on November 19. This action is part of Sebi's efforts to recover funds that these companies collected from investors in violation of regulations.

Additionally, two other companies, Ravi Kiran Realty India and Purusattam Infotech Industries, will also have their properties auctioned by the markets watchdog. The properties, which include flats, land with structures, and land parcels, are located in West Bengal and Odisha.

Sebi stated in a notice that the auction will be conducted online on November 19, from 11 am to 1 pm, with a reserve price of Rs 110.89 crore. The regulator has invited bids for the sale of properties in the recovery proceedings against Mangalam Agro Products, Sumangal Industries, Falkon Industries India, Ravi Kiran Realty India, and Purusattam Infotech Industries, along with their promoters and directors.

Furthermore, Sebi has engaged Quikr Realty to assist in the auction process. The regulator also advised bidders to conduct their own independent inquiries regarding any encumbrances, litigations, attachments, acquisition liabilities, title, claims, rights, and dues associated with the properties before submitting their bids. Of the 15 properties being auctioned, seven are linked to Mangalam Agro Products, while three each are related to Sumangal Industries and Falkon Industries India.

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