Sebi to auction properties of Saradha Group of Companies on Dec 16

Markets regulator Sebi on Thursday said it has lined up three properties of Saradha Group of Companies for an auction on December 16, at a reserve price of Rs 5.21 crore.

The move is part of Sebi's efforts to recover money raised by the company from the public through illicit schemes.

In a notice, the Securities and Exchange Board of India (Sebi) said the auction will be conducted between 11 am to 12 pm on December 16, 2022.

The properties to go under the hammer include land parcels located in West Bengal.

The total reserve price of these properties is pegged at about Rs 5.21 crore and the regulator has appointed C1 India as the e-auction provider.

Online registration and e-auction will be conducted through Quikr Realty.

The Calcutta High Court had passed an order in June, whereby it directed Sebi to proceed with the auction of the properties of Saradha Group of Companies.

The entire exercise was directed by the High Court to be completed within three months.

Saradha Group of Companies, a consortium of over 239 private companies, allegedly ran chit fund operations in West Bengal, Assam and Odisha and mopped up Rs 4,000 crore from 1.7 million depositors before it collapsed in April 2013.

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 submitting their bid.

"The purchaser shall participate in the e-auction on his own behalf and no third party intervention, like authorized agent/representative, would be permitted. The successful bidder shall bear the charges/ fee payable for transfer of the property in his/her name. All taxes shall be borne by the purchaser," the notice said.