Sebi to auction KBCL India's properties on December 23

28 Nov 2024 CW Team

The Securities and Exchange Board of India (Sebi) will auction 17 properties owned by KBCL India Ltd on December 23 to recover funds illegally raised from investors. This action follows the company’s failure to refund investor money despite regulatory orders.

The auction will feature 17 land parcels located in Uttar Pradesh, with a collective reserve price of Rs 42.3 million, as outlined in Sebi’s notice. Quikr Realty has been appointed to assist in the auction process, while C1 India will provide e-auction services.

Sebi has advised potential bidders to independently verify details regarding encumbrances, litigation, and liabilities associated with the properties before submitting bids. The online auction will take place from 11 a.m. to 1 p.m.

KBCL India Ltd, formerly Kalpataru Biotech Corporation, was found to have operated an unregistered Collective Investment Scheme (CIS) in violation of regulatory norms. The company had mobilised Rs 1.18 billion from investors as of March 31, 2012. In May 2014, Sebi prohibited KBCL and its directors—Rakesh Kumar, Vishvnath Pratap Singh, and Shashi Kant Mishra—from raising further funds.

The notice also clarified that bidders must participate independently, and no third-party representatives will be permitted. Successful bidders will bear the costs for property transfer and applicable taxes.

This is not the first instance of Sebi taking action against KBCL. In July, the regulator put 19 properties of the company, valued at Rs 35.4 million, up for auction to recover funds.

(ET)

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