Sebi to auction 11 assets of Pancard at a total reserve price of Rs 2.6 bn

Looking to recover over Rs 70 billion of investors' money, markets regulator Sebi will next month auction 11 properties of Pancard Clubs and its late CMD at a total reserve price of Rs 2.6 billion.

This is in addition to 22 properties that were auctioned between December and February with combined reserve price of Rs 5.52 billion.

In a notice issued on Thursday, the Securities and Exchange Board of India (Sebi) said SBI Capital Markets will auction 10 properties of Pancard Clubs and one property of its late CMD Sudhir Moravekar on March 21 at a reserve price of Rs 2.59 billion.

The properties listed for sale include a four-star hotel, resorts, land parcels, office space and shops in Goa, Maharashtra, Rajasthan and Haryana.

Sebi said the bidders should make their own independent enquiries regarding the "nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities" of the properties put under auction before submitting their bids.

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

Sebi shall not be responsible in any way for any third party claims, rights or dues etc," the regulator added.

The company had failed to comply with Sebi's direction in February 2016 ordering it to refund to investors over Rs 70 billion, raised through illegal collective investment schemes (CIS).

Pancard Clubs had mobilised Rs 70.35 billion from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes.