New Delhi, Market regulator Sebi on Monday said it has put 22 properties of seven companies, including Pailon Group, Vibgyor Group and GBC Industrial Corp Group, up for auction on July 10 to recover money illegally collected from investors. Is.
Other companies, whose assets will also be auctioned, are Tower Infotech Group, Waris Group, Teachers Welfare Credit and Holding Group and Anex Infrastructure India Ltd.
The regulator has started the process of sale of assets of the companies as per the order of the Calcutta High Court.
Justice Shailendra Prasad Talukdar has been appointed as a one-member committee to liquidate the assets of the firms and make payments to investors. The move is part of SEBI's effort to recover investors' money.According to a notice issued by the Securities and Exchange Board of India (SEBI), the properties include plots and a flat in West Bengal and will be auctioned at a reserve price of Rs 45.47 crore.
Adroit Technical Services Limited has been appointed by the regulator to assist in the sale of the assets.
Of the 22 properties, 10 belong to Pelan Group, four to Vibgyor Group, three to GBC Industrial Corp, two to Tower Infotech Group and one each to Waris Group, Annex Infrastructure India and Teachers Welfare Credit and Holding Group.
The market watchdog, on behalf of the committee, is inviting bids from bidders for the sale of the properties.
SEBI said the auction will be conducted online on July 8 from 11 am to 1 pm.These companies had collected money from investors without following the regulatory norms.
Pailan Group – Pailan Agro India Ltd and Pailan Park Development Authority Ltd – had raised over Rs 98 crore from the public by issuing non-convertible secured redeemable debentures.
Vibgyor Allied Infrastructure had issued optionally fully convertible debentures in 2009 and raised Rs 61.76 crore.
Additionally, Tower Infotech raised about Rs 46 crore by issuing non-convertible debentures and redeemable preference shares between 2005 and 2010.
Other companies, whose assets will also be auctioned, are Tower Infotech Group, Waris Group, Teachers Welfare Credit and Holding Group and Anex Infrastructure India Ltd.
The regulator has started the process of sale of assets of the companies as per the order of the Calcutta High Court.
Justice Shailendra Prasad Talukdar has been appointed as a one-member committee to liquidate the assets of the firms and make payments to investors. The move is part of SEBI's effort to recover investors' money.According to a notice issued by the Securities and Exchange Board of India (SEBI), the properties include plots and a flat in West Bengal and will be auctioned at a reserve price of Rs 45.47 crore.
Adroit Technical Services Limited has been appointed by the regulator to assist in the sale of the assets.
Of the 22 properties, 10 belong to Pelan Group, four to Vibgyor Group, three to GBC Industrial Corp, two to Tower Infotech Group and one each to Waris Group, Annex Infrastructure India and Teachers Welfare Credit and Holding Group.
The market watchdog, on behalf of the committee, is inviting bids from bidders for the sale of the properties.
SEBI said the auction will be conducted online on July 8 from 11 am to 1 pm.These companies had collected money from investors without following the regulatory norms.
Pailan Group – Pailan Agro India Ltd and Pailan Park Development Authority Ltd – had raised over Rs 98 crore from the public by issuing non-convertible secured redeemable debentures.
Vibgyor Allied Infrastructure had issued optionally fully convertible debentures in 2009 and raised Rs 61.76 crore.
Additionally, Tower Infotech raised about Rs 46 crore by issuing non-convertible debentures and redeemable preference shares between 2005 and 2010.
