SEBI To Auction 7 Properties Of Saradha Realty On February 22

Capital markets regulator Sebi will auction seven properties of Saradha Realty India Ltd and its promoters and directors on February 22 for a reserve price of over Rs 59 lakh in order to recover money raised by the company from public through illicit schemes.

The properties to go under the hammer include land parcels located in West Bengal, Sebi said in a public notice on Monday. Inviting bids for sale of properties in the recovery proceedings against Saradha Realty and its promoters/ directors, Sebi said the e-auction will take place on February 22, 2022. Total reserve price of these properties is pegged at Rs 59.4 lakh and the regulator has engaged Quikr Realty to assist it for sale of the properties.

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. "The properties are being sold with all the existing and future encumbrances whether known or unknown to Sebi/ the agency.

Sebi/ the agency shall not be responsible in any way for any third party claims/rights/dues, etc," the notice said. Earlier, Saradha Realty, its promoters and directors, were asked by Sebi through an order in April 2013 to wind up all existing collective investment schemes and (CIS) to refund the money collected from investors, with returns, within three months.

Saradha Realty was engaged in the fund mobilisation activity from public through investment contracts by floating CIS and it had launched such scheme without obtaining certificate from Sebi.

(PTI)