NEW DELHI: Market regulator Sebi has said yes auction the property of the Saradha group from companies next month at a minimum price of over Rs 3 crore to recover money collected by the company from the public through illegal schemes.
The property in West Bengal will go under the hammer, the Securities and Exchange Board of India (Sebi) said in a notice dated September 15.
The regulator said the e-auction will take place on October 17 between 11am and 1pm. The minimum price of the property has been fixed at Rs 3.68 crore.
Sebi got engaged Quikr Real Estate to help her sell the property and appointed C1 India as the e-auction provider.
The development came after the Calcutta High Court passed an order in June 2022, directing the regulator to go ahead with the auction of properties of the Saradha Group of Companies.
Saradha Group, a consortium of over 239 private companies, reportedly ran chit-fund operations in West Bengal, Assam and Odisha, and raised around Rs 4,000 crore from 1.7 million depositors before it collapsed in April 2013 .
According to the notice, the regulator said bidders must make their own independent investigations into the charges, suits, attachments and acquisition liabilities of the property offered for auction before submitting their bid.
“The buyer participates in the e-auction on his own behalf and no third party intervention, such as an authorized agent/representative, is permitted.
“The successful bidder shall bear the costs/fees payable for the transfer of the property into his/her name. All taxes are the responsibility of the buyer,” the release said.
The property in West Bengal will go under the hammer, the Securities and Exchange Board of India (Sebi) said in a notice dated September 15.
The regulator said the e-auction will take place on October 17 between 11am and 1pm. The minimum price of the property has been fixed at Rs 3.68 crore.
Sebi got engaged Quikr Real Estate to help her sell the property and appointed C1 India as the e-auction provider.
The development came after the Calcutta High Court passed an order in June 2022, directing the regulator to go ahead with the auction of properties of the Saradha Group of Companies.
Saradha Group, a consortium of over 239 private companies, reportedly ran chit-fund operations in West Bengal, Assam and Odisha, and raised around Rs 4,000 crore from 1.7 million depositors before it collapsed in April 2013 .
According to the notice, the regulator said bidders must make their own independent investigations into the charges, suits, attachments and acquisition liabilities of the property offered for auction before submitting their bid.
“The buyer participates in the e-auction on his own behalf and no third party intervention, such as an authorized agent/representative, is permitted.
“The successful bidder shall bear the costs/fees payable for the transfer of the property into his/her name. All taxes are the responsibility of the buyer,” the release said.
ADVERTISEMENT
