The auction of these properties is in connection with recovery of allegedly illegally raised funds.
In a notice issued on Friday, October 28, the SEBI said that keeping in view the interest of the bidders seeking more time for making EMD (Earnest Money Deposit), it has been decided to extend the last date of e-auction to November 9.
The decision has been taken due to bank holidays during the festive season and auction period, the regulator said. According to SEBI, earlier the auction was fixed on November 1.
SEBI will auction 69 properties of Saradha Group of Companies at a reserve price of Rs 30 crore.
The move is part of SEBI’s efforts to recover money raised by the company from the public through allegedly illegal deposit schemes. The properties to be put up for auction also include plots located in West Bengal.
The Securities and Exchange Board of India has extended the deadline for auction of properties of Saradha Group of Companies to November 9 in connection with recovery of illegally raised funds.
In a notice issued on Friday, October 28, SEBI said that keeping in view the interest of the bidders seeking more time for making EMD, it has been decided to extend the last date of e-auction to November 9.
The SEBI has appointed C1 India as the e-auction provider and online registration and e-auction will be done through Quikr Realty.
Read also:Â Sebi to auction properties of Bishal Group of companies on Nov 30
The bidders have been asked to make their own independent enquiries about encumbrances, attachments, litigations, acquisition liabilities of the properties on auction before submitting their bid.
The SEBI move follows the Calcutta High court order in June whereby it directed the SEBI to move with the auction of the properties of Saradha Group of companies. The entire exercise was to be completed within 3 months.
Saradha Group, a consortium of 239 private companies, allegedly ran a chit fund scam on West Bengal, Assam and Odissa and mopped up Rs. 4000 crore from 1.7 million depositors before it was exposed in 2013.
(The writer is CEO, Track2Realty)
