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)

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..