The Securities and Exchange Board of India (SEBI) has announced the auction of 28 properties belonging to five companies on January 27, 2025, to recover ₹28.66 crore, illegally raised from investors. The properties include residential flats, land parcels, and plots located across West Bengal and Odisha, with a combined reserve price of ₹28.66 crore.
Companies Involved:
- Bishal Group
- Sumangal Industries
- Ravi Kiran Realty India
- Mangalam Agro Products
- Purusattam Infotech Industries
The online auction will take place between 11 am and 1 pm, with Adroit Technical Services appointed to facilitate the sale.
SEBI’s Guidelines for Bidders:
- Bidders are encouraged to conduct due diligence on the properties, including title checks, encumbrances, and ongoing litigations.
- The properties will be sold on an “as-is” basis.
Background:
- Mangalam Agro Products raised ₹11 crore through illegal non-convertible debentures (NCDs) issued to 4,820 investors during 2011-2012.
- Sumangal Industries collected ₹85 crore through unregistered collective investment schemes (CIS).
- Bishal Group entities raised funds between ₹2.75 crore and ₹4 crore through similar non-compliant activities.
- Ravi Kiran Realty India mobilized funds by issuing redeemable preference shares (RPS) to 1,176 investors.
This auction marks SEBI’s ongoing efforts to recover funds from companies engaged in illegal fundraising activities and to safeguard investor interests.
