June 11, 2024: The Securities and Exchange Board of India (Sebi) announced on June 10, 2024, that it will auction 22 properties from seven companies on July 8 to recover funds illegally collected from investors. The companies involved include Pailan Group, Vibgyor Group, GBC Industrial Corp Group, Tower Infotech Group, Waris Group, Teachers’ Welfare Credit and Holding Group and Annex Infrastructure India.
Following orders from the Calcutta High Court, Sebi has initiated the sale of these assets. Justice Sailendra Prasad Talukdar has been appointed as the one-man committee to oversee the liquidation of the companies’ assets and repayment to investors. This action is part of Sebi’s ongoing efforts to recover investors’ money.
The properties, which include plots and a flat in West Bengal, will be auctioned at a reserve price of Rs 45.47 crore, according to Sebi’s notice. The online auction will take place on July 8 from 11 am to 1 pm, with Adroit Technical Services assisting in the sale.
Among the 22 properties, 10 belong to the Pailan Group, four to the Vibgyor Group, three to GBC Industrial Corp, two to the Tower Infotech Group, and one each to Waris Group, Annex Infrastructure India, and Teachers’ Welfare Credit and Holding Group. These companies had collected funds from investors without adhering to regulatory norms.
Pailan Group, through Pailan Agro India Ltd and Pailan Park Development Authority Ltd, had raised over Rs 98 crore from the public via non-convertible secured redeemable debentures. Vibgyor Allied Infrastructure raised Rs 61.76 crore in 2009 through optionally fully convertible debentures. Additionally, Tower Infotech raised nearly Rs 46 crore between 2005 and 2010 through non-convertible debentures and redeemable preference shares.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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