Sebi to Auction Rose Valley Properties to Reimburse Defrauded Investors

Securities and Exchange Board of India (Sebi) plans to auction 27 properties of the Rose Valley group on November 25. The initiative aims to recover funds raised through illegal schemes. The properties include various real estate assets located in West Bengal and Bihar, valued at Rs 63.26 crore.

The Securities and Exchange Board of India (Sebi) has announced the auction of 27 properties belonging to the Rose Valley group of companies on November 25. This move is part of efforts to recuperate money collected from the public via illegal schemes.

The assets consist of flats, buildings, land parcels, and hotels situated in West Bengal and Bihar, with a total reserve price set at Rs 63.26 crore, according to Sebi's notice. The electronic auction will be conducted between 11 a.m. and 1 p.m.

Assisting Sebi in the property sale are Quikr Realty, and C1 India, the appointed e-auction service provider. Funds from this sale will be used to compensate investors, following a Calcutta High Court order. The auction allows bidders from both within and outside India, but no third-party representatives are permitted, Sebi noted.

(With inputs from agencies.)