Sebi sells 2 properties in Pancard Clubs case
Sebi has sold two properties for nearly Rs 8 crore in the Pancard Clubs case, as part of markets regulator’s efforts to recover investors’ money.While the property located in Mumbai has been sold for Rs 2.73 crore, the one in Goa has been disposed of for Rs 5.26 crore, as per two separate Sebi orders.
One Zohaib Ismailbhai Mansuri has bought the property located in Mumbai and three individuals — Ramniwas L Agrawal, Vijay J Shevakarmani and Manohar Jathar — have jointly picked up the property in Goa.
With regard to the order involving the property situated in Mumbai, Sebi said the highest bidder (Mansuri) paid the full bid amount of Rs 2,72,70,000 including 1 per cent poundage fee within the time limit.Agrawal, Shevakarmani and Jathar have also jointly paid the bid amount of Rs 5,26,49,280 including the poundage fee. The regulator also noted that no application has been made for setting aside the sale of properties.
Pancard Clubs had failed to comply with Sebi’s direction in February 2016 ordering the company to refund over Rs 7,000 crore to investors, raised through illegal collective investment schemes (CIS). The firm had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14.
Subsequently, the markets regulator had initiated recovery proceedings in the case and attached the properties belonging to the firm and its directors.Since the entities failed to repay the dues, the Securities and Exchange Board of India (Sebi) had issued a notice of sale in February 2018 for selling their properties.