Sebi schedules Saradha Group of Companies for auction on December 16

New Delhi: The market watchdog Sebi said on Thursday that it has scheduled three Saradha Group of Companies properties for auction on December 16 with a reserve price of Rs 5.21 crore.

The action is a part of Sebi’s efforts to reclaim money that the company illegally raised from the public.

The Securities and Exchange Board of India (Sebi) announced in a notice that the auction will take place on December 16, 2022, between 11 am and 12 pm. The properties that will be auctioned off include West Bengali land plots.

The regulator has designated C1 India as the supplier of the electronic auction, and the reserve price for all of these properties is estimated to be around Rs 5.21 crore.

Through Quikr Realty, online registration and an electronic auction will be held.

In June, the Calcutta High Court issued an order directing Sebi to proceed with the sale of the Saradha Group of Companies’ properties. The High Court ordered that the entire exercise be finished in three months.

Before it failed in April 2013, the Saradha Group of Companies, a group of over 239 private companies, is accused of operating chit fund operations in West Bengal, Assam, and Odisha and collecting Rs 4,000 crore from 1.7 million depositors.

According to the notice, the regulator advised bidders to independently research the property that is up for auction’s encumbrances, lawsuits, attachments, and acquisition of liabilities before submitting their bid.

“The purchaser shall participate in the e-auction on his own behalf and no third party intervention, like authorized agent/representative, would be permitted. The successful bidder shall bear the charges/ fee payable for transfer of the property in his/her name. All taxes shall be borne by the purchaser,” the notice said.


The post Sebi schedules Saradha Group of Companies for auction on December 16 appeared first on News24 English.

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