Punjab News Network

On January 30, Sebi will auction 16 properties owned by eight companies

<p>The market regulator Sebi said on Friday that it has scheduled 16 properties belonging to eight firms, including the Pailan Group of firms and the Vibgyor Group of Companies, for January 30 in order to retrieve funds that were improperly taken from investors.</p>
<p><img decoding=”async” class=”alignnone wp-image-341566″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-on-january-30-sebi-will-auction-16-properties-owned-by-eight-companies-untitled-de.jpg” alt=”theindiaprint.com on january 30 sebi will auction 16 properties owned by eight companies untitled de” width=”1142″ height=”761″ title=”On January 30, Sebi will auction 16 properties owned by eight companies 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-on-january-30-sebi-will-auction-16-properties-owned-by-eight-companies-untitled-de.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-on-january-30-sebi-will-auction-16-properties-owned-by-eight-companies-untitled-de-150×100.jpg 150w” sizes=”(max-width: 1142px) 100vw, 1142px” /></p>
<p>The properties of the following companies will also be put up for auction: Teachers’ Welfare Credit and Holding group, Tower Infotech group, GBC Industrial Corp group, Hahnemann Herbal group, Kolkata Weir Industries, and Annex Infrastructure India Ltd.</p>
<p>In accordance with directives from the Calcutta High Court, the regulator has started the process of selling the firms’ assets.</p>
<p>A one-man commission headed by Justice Sailendra Prasad Talukdar has been tasked with selling the companies’ assets and paying back the investors. The action is a component of Sebi’s attempt to get investors’ money back.</p>
<p>According to a Sebi notification, the assets, which comprise flats, plots, and land parcels in West Bengal, would be put up for auction with a reserve price of Rs 47.75 crore.</p>
<p>Additionally, the regulator has hired Quikr Realty to help with the houses’ sale.</p>
<p>Of the sixteen properties, the following are connected: one each to Kolkata Weir Industries, Teacher’s Welfare Credit and Holding group, Hahnemann Herbal group, Annex Infrastructure India Ltd., three to Tower Infotech, two to Pailan group, and two to GBC Industrial Corp.</p>
<p>The committee has asked the markets watchdog to solicit offers from potential buyers for the properties up for sale.</p>
<p>According to Sebi, the online auction will take place on January 30 from 11 a.m. to 1 p.m.</p>
<p>Before placing a bid, the bidders are requested by the regulator to do their own independent research on the liens, lawsuits, titles, and claims pertaining to the properties up for sale.</p>
<p>These companies have taken investor funds without adhering to regulatory standards.</p>
<p>In 2009, Vibgyor Allied Infrastructure raised Rs 61.76 crore via the issuance of fully convertible debentures that were optional, while between 2008 and 2013, Hahnemann Herbals Ltd sold redeemable preference shares valued at Rs 23.18 crore.</p>
<p>By issuing non-convertible secured redeemable debentures, the Pailan Group—Pailan Agro India Ltd. and Pailan Park Development Authority Ltd.—was able to raise more than Rs 98 crore from the general public.</p>
<p>Between 2005 and 2010, Tower Infotech raised around Rs 46 crore via the issue of redeemable preference shares and non-convertible debentures, whereas Hahnemann Herbals raised Rs 23.18 crore between 2008–09 and 2012–13.</p>