Sebi to auction MPS Group's 18 properties next month

SBI Capital Markets will auction 18 properties on Feb 6 at a reserve price of over Rs 670 mn, says Sebi

Moving ahead with the sale of MPS Group of companies' assets to recover money, regulator Sebi on Friday said it has lined up 18 properties of the West Bengal- based group for an online auction next month at a total reserve price of over Rs 670 million.

This is in addition to 14 properties of the group that were scheduled to be auctioned in June last year and their combined reserve price was over Rs 540 million.

In a notice, the Securities and Exchange Board of India (Sebi) said that SBI Capital Markets will auction 18 properties on February 6 at a reserve price of over Rs 670 million.

The properties listed for sale include land parcels, buildings, residential flats and commercial space in Kolkata.

SBI Capital Markets has been engaged by the markets regulator to assist it in sale of the properties through e- auction platform on "as is where is and whatever there is" basis.

MPS Group of companies includes MPS Greenery Developers that collected Rs 15.2 billion from investors through illegal collective investment schemes (CIS).

The regulator has initiated the process for sale of assets of the group, as per an order from the Calcutta High Court.

Justice Sailendra Prasad Talukdar has been appointed as one-man committee for liquidating the assets of the MPS Group of companies and repaying the investors.

In December 2012, Sebi had directed MPS Greenery Developers to close its illicit CIS and refund investors within one month, failing which proceedings would be initiated against the entity and its senior officials. Later in October 2013, the regulator had ordered attachment of over 50 bank accounts of MPS Greenery Developers.