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 Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..