SEBI to auction five properties

SEBI to auction five properties
21/10/2017 , by , in News/Views

Markets regulator Sebi today said it will auction five properties owned by Parasrampuria Plantations and Shree  Sai Space Creations as well as its directors next month for a total reserve price of nearly Rs 5 crore.

The move is part of an effort by Securities and Exchange Board of India (Sebi) to recover investors’ money.

Out of the five properties being put on the block, three belong to Shree Sai Space Creations and its directors –Suresh Shrivastav, Laxmi Shrivastav, Ritesh Shrivastav and Vivek Shrivastav — and two of Parasrampuria Plantations.

The auction of the properties, spread across Maharashtra, and include land parcels, will be conducted on November 28, Sebi said in a notice.

The regulator has engaged SBI Capital Markets to assist it for sale of these properties.

Sebi had earlier attached bank as well as demat accounts of these companies after they failed to refund investors money along with interest. These firms had illegally raised funds from the public.

The market watchdog said the bidders should make their own independent enquiries regarding the encumbrances, litigation, attachments, acquisition and liabilities of the property put on auction prior to submitting their bids.

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