SEBI to Auction 22 Properties of 7 Firms in July 2024
Real Estate

SEBI to Auction 22 Properties of 7 Firms in July 2024

The Securities and Exchange Board of India (SEBI) will auction 22 properties belonging to seven companies in July 2024 to recover funds illicitly collected from investors. The auction, aimed at recovering substantial sums, includes properties from Sunheaven Agro India, RaviKiran Realty India, Infocare Infra, Bharat Krishi Samridhi Industries, GSHP Realtech, Just-Reliable Projects India, and Newland Agro Industries.

Scheduled for July 2024, the auction will feature a range of assets, including land parcels and residential buildings primarily located in West Bengal. SEBI has set a reserve price of ?130 million for these properties. Interested bidders have been advised to conduct their own due diligence regarding encumbrances, property titles, and any existing claims before participating in the auction.

This move comes after these companies failed to comply with SEBI's regulations concerning public issue norms. They had raised funds from the public through various means, such as issuing non-convertible debentures (NCDs) and redeemable preference shares (RPS), without following the required legal procedures. For instance, Sunheaven Agro India collected ?115.4 million from 7,772 investors between 2009 and 2013, while RaviKiran Realty raised funds from 1,176 individuals by issuing RPS.

SEBI's actions are part of broader enforcement measures to ensure investor protection and regulatory compliance. The regulator has emphasised the need for transparency and adherence to legal norms in fundraising activities to prevent similar violations in the future.

The Securities and Exchange Board of India (SEBI) will auction 22 properties belonging to seven companies in July 2024 to recover funds illicitly collected from investors. The auction, aimed at recovering substantial sums, includes properties from Sunheaven Agro India, RaviKiran Realty India, Infocare Infra, Bharat Krishi Samridhi Industries, GSHP Realtech, Just-Reliable Projects India, and Newland Agro Industries. Scheduled for July 2024, the auction will feature a range of assets, including land parcels and residential buildings primarily located in West Bengal. SEBI has set a reserve price of ?130 million for these properties. Interested bidders have been advised to conduct their own due diligence regarding encumbrances, property titles, and any existing claims before participating in the auction. This move comes after these companies failed to comply with SEBI's regulations concerning public issue norms. They had raised funds from the public through various means, such as issuing non-convertible debentures (NCDs) and redeemable preference shares (RPS), without following the required legal procedures. For instance, Sunheaven Agro India collected ?115.4 million from 7,772 investors between 2009 and 2013, while RaviKiran Realty raised funds from 1,176 individuals by issuing RPS. SEBI's actions are part of broader enforcement measures to ensure investor protection and regulatory compliance. The regulator has emphasised the need for transparency and adherence to legal norms in fundraising activities to prevent similar violations in the future.

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?