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)

Real Estate

05 Dec 2025

RBI Rate Cut Boosts Confidence Across Housing Market

Industry Context and Market DynamicsThe real estate industry has welcomed the RBI’s rate cut as a timely boost to affordability and demand. With home prices having risen steadily across major markets, even a marginal reduction in interest rates meaningfully strengthens purchasing power, especially for first-time and mid-income buyers.Ashish Jerath, President – Sales & Marketing, Smartworld Developers, observes:“The RBI’s 25-basis-point cut, bringing the repo rate down to 5.25%, is a timely boost for the real estate sector. Lower interest rates reduce borrowing costs, enabling homeb..

BMC Resumes Rs 170 Billion Road Works, Targets 80 per cent By Jan 2026

Following the withdrawal of the southwest monsoon in October, the Brihanmumbai Municipal Corporation (BMC) has restarted work on 645 roads—covering 297.49 kilometres—under its large-scale concretisation programme. Data shows that more than 60 per cent of the resumed works are located in the western suburbs. Officials said the civic body aims to complete concretisation on 80 per cent of the roads where fresh work has begun by January 2026. Launched in 2022, the Rs 170 billion project seeks to concretise 700 kilometres of roads across Mumbai. All civil works were halted during the monsoon ..

India Pushes Digital Shift In Urban Land Mapping

The Department of Land Resources (DoLR) under the Ministry of Rural Development has convened a National Symposium on NAKSHA – the National Geospatial Knowledge-based Land Survey of Urban Habitations – to advance India’s transition to modern, technology-driven land mapping. Speaking at the inaugural session, Secretary Manoj Joshi underscored the urgent need to move revenue departments away from outdated, tape-based methods and rough hand-drawn sketches. He stressed that adopting latitude–longitude-based digital mapping and GIS-linked registration systems is essential for economic stabi..