Markets regulator Sebi on Monday said it will auction 66 properties of Saradha Group on April 11 at a reserve price totalling Rs 32 crore to recover money raised by the firm from the public through illicit schemes.
The properties to go under the hammer include land parcels located in West Bengal, the Securities and Exchange Board of India (Sebi) said in a notice.
The regulator said that the e-auction will be conducted between 11 am and 1 pm on April 11, 2023. The total reserve price of these properties is pegged at about Rs 32 crore.
Sebi has engaged Quikr Realty to assist it in sale of the properties and appointed C1 India as the e-auction provider.
The development came after the Calcutta High Court passed an order in June 2022, whereby it directed Sebi to proceed with the auction of properties of Saradha Group of Companies. The entire exercise was directed to be completed within three months.
Saradha Group, a consortium of over 239 private companies, allegedly ran chit fund …
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