Asurre Agrowtech's properties not to be auctioned on Aug 30: Sebi

Markets regulator Sebi on Friday said properties of Asurre Agrowtech Ltd will not be auctioned on August 30 following several writ petitions filed before the Madras High Court by persons claiming to be purchasers of certain land parcels of the firm.

Markets regulator Sebi on Friday said properties of Asurre Agrowtech Ltd will not be auctioned on August 30 following several writ petitions filed before the Madras High Court by persons claiming to be purchasers of certain land parcels of the firm. A fresh notice for sale will be issued at the earliest once the claims and issues are resolved, the Securities and Exchange Board of India (Sebi) said. The regulator had in July said it will auction 18 properties of the company on August 30 at a reserve price of Rs 20.81 crore. The properties to go under the hammer include land parcels in Tamil Nadu. The move was part of Sebi's effort to recover funds raised by the company through unauthorised investment schemes. In a notice issued on Friday, Sebi said the auction will not be held on August 30. Several writ petitions have been filed before the Madras High Court by persons claiming to be purchasers, or who have entered into agreements with Asurre Agrowtech in respect of certain land parcels in Trichy and Yercaud in Tamil Nadu which were part of the auction. These claims are to be verified based on documents which are to be served on Sebi, as per the directions of the high court, it added. Besides, Jones Lang LaSalle Property Consultants (India) Private Limited, which has been engaged to assist Sebi in the auction, has brought to its notice that further data is required with regard to these land parcels to address the concerns of prospective purchasers regarding some portions of the land. The agency advised the proposed sale on August 30 be postponed to a later date, it said. Accordingly, in the hearing held on August 26 before the Madras High Court, it was submitted on behalf of Sebi that the auction will not be held on August 30. Earlier in May, Sebi had asked Asurre Agrowtech's investors, who had already submitted claim forms, to deposit original proof of investment immediately. Sebi had in November 2019 had asked investors -- who had invested in the unregistered collective investment schemes (CIS) floated by Asurre Agrowtech Ltd (AAL) -- to submit their claims along with the original proof of investment. The regulator, which is in the process of auctioning the attached properties of AAL, had said the same is being delayed due to the present lockdown situation owing to the COVID-19 pandemic. "Sebi shall endeavour to complete the refund process within six months subject to recovery of money from AAL and/or its directors including through proceeds realised from the sale of attached properties of AAL," it had added. As on April 30, 2020, as many as 8,367 investors of the company had submitted claim forms. In May 2016, Sebi had asked Asurre Agrowtech and its directors to refund investors' money, which was raised through illegal investment schemes in three months. The company had mobilised a total of Rs 69.30 crore through various investment plans under schemes of purchase of livestock/poultry. The firm had claimed that it has refunded Rs 11.74 crore as on December 31, 2015 and has to refund Rs 57.55 crore. However, it did not provide any verifiable proof regarding its claim.