Sebi to auction 12 properties of Ramel Industries in January

The auction is for total reserve price of over Rs 16 crore

Regulator Sebi will auction 12 properties of Ramel Industries in January for a total reserve price of over Rs 16 crore in order to recover money raised by the company from public through illicit schemes.

As part of the recovery proceeding, Sebi on January 5 will e-auction immovable properties of Ramel Industries and its promoters or directors, the regulator said in a notice today.

The properties to go under the hammer include land parcels, office premises and flat across West Bengal. Total reserve price of these properties is pegged at Rs 16.70 crore.

The regulator has engaged SBI Capital Markets 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. Sebi shall not be responsible in any way for any third party claims/rights/dues, etc," as per the notice.

The order came after Ramel Industries failed to comply with Sebi's direction passed in 2014, wherein it had ordered the firm and its directors to return the money raised from investors through illegal collective investment schemes (CIS).