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Sebi to auction properties of 5 crore next month

PTI Last Updated at 10 Aug 2018, 13:08 IST India

Markets regulator Sebi will auction as many as 19 properties owned by five companies including Maitreya Services and Suman Motels next month for a reserve price totaling over Rs 40 crore.

Besides, properties of Arise Bhoomi Developers, Parasrampuria Plantations, and Four Seasons Farms would go under the hammer too.

The move is part of an effort by Sebi to recover money that the companies had illegally mobilized from people.

The auction of these properties, spread across Maharashtra and Uttar Pradesh, and include land parcels, flats and shops will be conducted on September 12, Sebi said in a notice today.

Out of the 19 properties being put on the block, seven belong to Arise Bhoomi Developers followed by Four Seasons Farms (5), Maitreya Services (4) Parasrampuria Plantations (2) and Suman Motels (1).

The reserve price of the properties is fixed at over Rs 40 crore, it added.

The regulator has engaged SBI Capital Markets Ltd to assist it for sale of these properties through e-auction platform.

The interested candidates can inspect the properties on August 28, Sebi said adding that bidders should make their own independent inquiries regarding the encumbrances, title of properties put on auction and claims, among others, prior to submitting their bids.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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