Capital markets regulator Sebi will auction 17 properties of KBCL India Ltd on December 23 to recover money illegally collected from investors.
The regulator has initiated the process for the sale of assets after KBCL India Ltd, its directors Rakesh Kumar, Vishvnath Pratap Singh and Shashi Kant Mishra failed to refund the investors’ money.
As many as 17 land parcels in Uttar Pradesh will be auctioned at a reserve price of Rs 4.23 crore, according to a notice issued by Sebi on Friday.
Quikr Realty has been engaged by Sebi to assist it in the e-auction, while C1 India has been appointed as the e-auction service provider.
As per the notice, the regulator said bidders should make their own independent enquiries regarding the encumbrances, litigations, attachments and acquisition of liabilities of the property put on auction, prior to submitting their bid.
The Securities and Exchange Board of India (Sebi) has invited bids for the sale of properties in the recovery proceedings against K
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