Sebi to Auction HBN Dairies' Properties in August 2024

12 Jul 2024 CW Team

The Securities and Exchange Board of India (SEBI) planned to auction eight properties belonging to HBN Dairies & Allied in the following month, setting a reserve price of Rs 670.70 million. This decision was part of SEBI's effort to recover funds that HBN Dairies had raised through unauthorized collective investment schemes.

This initiative followed a Supreme Court order from May 14, 2024, which authorized SEBI to sell HBN Dairies & Allied's assets with the active participation of the liquidator.

SEBI commenced the asset sale process after HBN Dairies & Allied and its directors, Harmender Singh Sran, Amandeep Singh Sran, Manjeet Kaur Sran, and Jasbeer Kaur, failed to refund investors' money.

The assets up for auction included a shopping mall-cum-multiplex, a hotel, plots, and commercial shops. These properties, situated in New Delhi, Punjab, Madhya Pradesh, Gujarat, and Maharashtra, were listed at a reserve price of Rs 670.70 million.

To facilitate the e-auction, SEBI engaged Quikr Realty, while C1 India was appointed as the e-auction service provider.

In its notice, SEBI advised bidders to conduct independent investigations regarding any encumbrances, litigations, attachments, and acquisition liabilities associated with the properties before submitting their bids.

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