[ad_1]
 "SEBI")
These companies had collected money from investors without meeting regulatory standards. | Photo: Shutterstock
Capital markets regulator Sebi on Monday said it will auction 15 properties belonging to Mangalam Agro Products, Sumangal Industries and Falkon Industries India on November 19.
The move is part of Sebi’s efforts to recover the money collected by these companies from investors violating norms.
Click here to join us on WhatsApp
Ravi Kiran Realty India and Purusattam Infotech Industries are the other two companies whose properties will be auctioned by the markets watchdog.
The properties that will be auctioned, including apartments, plots with structure and plots of land, are located in West Bengal and Odisha.
The properties will be auctioned with a reserve price of Rs 11.89 crore and the auction will be held online on November 19 from 11 am to 1 pm, the Securities and Exchange Board of India (Sebi) said in a notice.
Sebi has invited tenders for sale of properties as part of the recovery proceedings against Mangalam Agro Products, Sumangal Industries, Falkon Industries India, Ravi Kiran Realty India and Purusattam Infotech Industries and their promoters/directors.
Additionally, Quikr Realty was engaged by the regulator to assist with the auction.
Further, Sebi has advised the bidders to make their own independent inquiries regarding encumbrances, disputes, attachments, property acquisition obligations, title, claim/duties/duties, etc. regarding properties being auctioned, before submitting their bids. .
Of the 15 properties put on the block, seven are linked to Mangalam Agro Products, three each are linked to Sumangal Industries and Falkon Industries India.
Besides, there is ownership of Ravi Kiran Realty India and Purusattam Infotech Industries, the markets watchdog said in the notice.
These companies had collected money from investors without meeting regulatory standards.
As per Sebi’s earlier orders, Mangalam Agro had raised Rs 11 crore through illegal issue of secured non-convertible debentures (NCDs) to around 4,820 investors in 2011-12.
Sumangal had collected Rs 85 crore from investors through illegal collective investment scheme (CIS) schemes. Additionally, Ravi Kiran raised funds by issuing RPS to 1,176 people.
Falkon Industries India Ltd (FIIL) had raised Rs 48.58 lakh by issuing redeemable preference shares to 714 people in 2009-10.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 15, 2024 | 9:54 p.m. STI