Sebi to Auction Properties of KBCL India Ltd to Recover Investor Funds

Sebi is set to auction 17 properties of KBCL India Ltd on December 23 to recover funds illegally collected from investors. The properties, located in Uttar Pradesh, will be auctioned with a reserve price of Rs 4.23 crore. Quikr Realty and C1 India are assisting Sebi in this process.

On December 23, India's capital markets regulator, Sebi, will auction 17 properties belonging to KBCL India Ltd to recover funds improperly collected from investors. This action follows KBCL and its directors' failure to refund the investors' money.

The auction will take place online, with the properties in Uttar Pradesh having a combined reserve price of Rs 4.23 crore, as per a Sebi notice. Quikr Realty and C1 India have been engaged to assist and provide e-auction services, respectively.

Sebi's investigation revealed that KBCL, previously known as Kalpataru Biotech Corporation, was operating a Collective Investment Scheme illegally. The auction aims to recover funds mobilized, amounting to Rs 118.69 crore as of March 31, 2012.

(With inputs from agencies.)