July 12, 2024: The Securities and Exchange Board of India (Sebi) plans to auction eight properties belonging to HBN Dairies & Allied next month, with a reserve price set at Rs 67.7 crore. This initiative is part of Sebi’s effort to recover funds raised by HBN Dairies through illegal collective investment schemes. Following a Supreme Court order dated May 14, 2024, Sebi was authorised to sell HBN Dairies’ assets, working alongside the liquidator.
HBN Dairies & Allied had unlawfully raised Rs 1,136 crore from unsuspecting investors through schemes involving cattle purchases, promising significant returns from ghee sales, thereby violating regulatory norms. Sebi initiated the asset sale process after HBN Dairies & Allied and its directors—Harmender Singh Sran, Amandeep Singh Sran, Manjeet Kaur Sran, and Jasbeer Kaur—failed to refund the investors’ money.
The properties up for auction include a shopping mall-cum-multiplex, a hotel, plots, and commercial shops located in New Delhi, Punjab, Madhya Pradesh, Gujarat, and Maharashtra. Sebi advised potential bidders to conduct their own inquiries regarding any encumbrances, litigations, attachments, and acquisition liabilities related to the properties before placing their bids.
The online auction will be held on August 13, from 11 AM to 1 PM. Sebi has engaged Quikr Realty to assist with the e-auction, and C1 India has been appointed as the e-auction service provider.
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