Securities markets regulator SEBI has said that 24 properties of Pancard Clubs and erstwhile Chairman and Managing Director Sudhir Moravekar will be auctioned on May 9, 2018 to recover over Rs 7,000 crore of investors' money.
According to a Securities And Exchange Board of India (SEBI) notice issued on Monday, the regulator has engaged SBI Capital Markets for the auction at a reserve price of over Rs 2,000 crore.
Pancard Clubs had in 2016 failed to comply with SEBI's direction to refund over Rs 7,000 crore to investors raised through illegal collective investment schemes (CIS), the regulator had said in a circular issued in February 2016.
--IANS
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