Sebi to auction KBCL India's properties on December 23
ECONOMY & POLICY

Sebi to auction KBCL India's properties on December 23

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)

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)

Next Story
Products

Smart Hot Water

Kenstar unveils its new water heater range with SwirlHeat, German Blue Sapphire Technology, and High-Density PUF insulation, offering faster heating, longer heat retention, up to 20 per cent more hot water, 5-star BEE rating, 7-year warranty, and robust 7-Level Safety Shield for safe, efficient, and stylish baths. Contact: Kenstar Website: https://kenstar.in/  ..

Next Story
Products

Smart Heritage Lock

Hafele’s Classical Digital Lock combines heritage design with modern technology, featuring a king-size mortise system, 3 deadbolts, fingerprint, PIN, RFID, and app-based access. Its sleek slider panel, video door phone integration, and smooth operation ensure secure, stylish, and intelligent home entry.Contact: HafeleWebsite: www.hafeleindia.com/en ..

Next Story
Products

Ultra-Efficient Motors

ABB’s IE5 ultra-premium efficiency motors, India’s first IE5 range, deliver 45–1000 kW power without rare-earth metals. Designed for DOL and VFD operations, they ensure high reliability, lower energy losses, and optimal performance across metals, cement, textiles, pharma, food & beverage, and paper industries.Contact: contact.center@in.abb.com Website: https://new.abb.com/indian-subcontinent ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?