SEBI Auctions Properties to Reclaim Illegally Raised Funds

Capital markets regulator SEBI is set to auction 28 properties belonging to five companies, including Bishal Group and Sumangal Industries, on January 27, 2025, to reclaim funds unlawfully collected from investors. These properties, located in West Bengal and Odisha, are valued at a reserve price of Rs 28.66 crore.

In a significant move to reclaim funds unlawfully collected from investors, the capital markets regulator SEBI has announced the auction of 28 properties belonging to five companies. The auction, scheduled for January 27, 2025, will feature properties from firms such as Bishal Group and Sumangal Industries.

These properties, located in West Bengal and Odisha, include flats, land parcels, and buildings, and are valued at a reserve price of Rs 28.66 crore. The auction aims to recover funds raised through illegal financial activities by these entities, which bypassed market regulations.

Additionally, SEBI has appointed Adroit Technical Services to assist in the sale proceedings. Companies involved, like Mangalam Agro Products, raised significant amounts from investors through unauthorized schemes, prompting SEBI's stern recovery actions.