Sebi to Auction 23 Properties of Nine Firms
Real Estate

Sebi to Auction 23 Properties of Nine Firms

The Securities and Exchange Board of India (Sebi) has announced the auction of 23 properties belonging to nine companies, including Tower Infotech and Vibgyor Group, in February 2025. This auction aims to recover funds illicitly collected from investors. Other companies whose properties will be auctioned include GBC Industrial Corporation, Waris Group, Pincon Group, Kolkata Weir Industries Ltd (KWIL), Annex Infrastructure India, I-core Group, and MPS Group. The process has been initiated by Sebi following the Calcutta High Court's orders. The properties, which include plots, apartments, and buildings located in West Bengal, will be auctioned at a reserve price of Rs 55 crore. Justice Sailendra Prasad Talukdar has been appointed as the committee for liquidating the assets and repaying investors. Adroit Technical Services has been engaged to assist in the sale. The auction will take place online on February 6, 2025, from 11 am to 1 pm. Sebi has cautioned bidders to conduct their own due diligence regarding encumbrances, litigations, and property titles before submitting their bids. These companies had raised funds from investors without complying with regulatory norms.

The Securities and Exchange Board of India (Sebi) has announced the auction of 23 properties belonging to nine companies, including Tower Infotech and Vibgyor Group, in February 2025. This auction aims to recover funds illicitly collected from investors. Other companies whose properties will be auctioned include GBC Industrial Corporation, Waris Group, Pincon Group, Kolkata Weir Industries Ltd (KWIL), Annex Infrastructure India, I-core Group, and MPS Group. The process has been initiated by Sebi following the Calcutta High Court's orders. The properties, which include plots, apartments, and buildings located in West Bengal, will be auctioned at a reserve price of Rs 55 crore. Justice Sailendra Prasad Talukdar has been appointed as the committee for liquidating the assets and repaying investors. Adroit Technical Services has been engaged to assist in the sale. The auction will take place online on February 6, 2025, from 11 am to 1 pm. Sebi has cautioned bidders to conduct their own due diligence regarding encumbrances, litigations, and property titles before submitting their bids. These companies had raised funds from investors without complying with regulatory norms.

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?