SEBI to Auction Properties of Defaulting Companies to Recover Investor Funds

Markets regulator SEBI plans to auction 22 properties of seven companies, including Pailan Group and Vibgyor Group, on July 8 to recover investor funds. Justice Sailendra Prasad Talukdar has been appointed to oversee the process, which follows orders by the Calcutta High Court. The auction aims to recover money illegally collected from investors.


PTI | New Delhi | Updated: 10-06-2024 19:16 IST | Created: 10-06-2024 19:16 IST
SEBI to Auction Properties of Defaulting Companies to Recover Investor Funds
AI Generated Representative Image
  • Country:
  • India

In a decisive move to recover investor funds, markets regulator SEBI announced on Monday that it will auction 22 properties belonging to seven defaulting companies, including Pailan Group, Vibgyor Group, and GBC Industrial Corp. The auction is scheduled for July 8.

Other involved firms include Tower Infotech Group, Waris Group, Teachers' Welfare Credit and Holding Group, and Annex Infrastructure India Ltd. The properties, which include plots and a flat located in West Bengal, will be auctioned at a reserve price of Rs 45.47 crore, according to SEBI.

Justice Sailendra Prasad Talukdar has been appointed by the Calcutta High Court to oversee the liquidation of these assets. Adroit Technical Services Ltd will assist with the auction process. The funds were illegally collected from investors through schemes that did not comply with regulatory norms.

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

Give Feedback