Sebi Set to Auction HBN Dairies Properties to Recover Investor Funds

The Securities and Exchange Board of India (Sebi) will auction eight properties of HBN Dairies & Allied Ltd next month with a reserve price of Rs 67.70 crore. This move aims to recover funds collected through illegal investment schemes. The Supreme Court authorized the auction on May 14, 2024.

The Securities and Exchange Board of India (Sebi) will auction eight properties of HBN Dairies & Allied Ltd next month, setting a reserve price of Rs 67.70 crore. This initiative is part of Sebi's ongoing efforts to recover funds generated through illegal collective investment schemes by the company.

This auction follows a Supreme Court order dated May 14, 2024, which authorized Sebi to sell the assets of HBN Dairies & Allied Ltd with the active involvement of a liquidator. The company's directors, including Harmender Singh Sran and Amandeep Singh Sran, had failed to refund investors' money, prompting this action.

The properties slated for auction include a shopping mall-cum-multiplex, a hotel, plots, and commercial shops located in New Delhi, Punjab, Madhya Pradesh, Gujarat, and Maharashtra. These assets will be auctioned online on August 13, from 11 am to 1 pm.