+
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.

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code