Cuttack admn to auction properties of chit fund company

Unable to find any taker for the confiscated properties of tainted Chit Fund Company, the Cuttack district administration has decided to auction the properties of the said company again on May 31.
"We have decided to auction the properties of M/s Rose Valley Group of Companies inviting interested bidders to participate in the e-auction scheduled between 11 am and 3 pm on May 31", informed Cuttack ADM B B Das, who has been appointed as the receiver of the properties by a special court here dealing with cases pertaining to chit fund scam.
Four flats of the Company in an apartment located near Pahala on the outskirts of the city here and three homestead plots in Nilagiri area of Balasore district were listed to be sold on public auction on May 4.

Since no one took interest in these properties, the administration has floated the second offer without changing their base prices.
"The question of changing the base price or any other conditions of the auction will arise only when we fail to get any bidder on May 31", Das informed saying the decision to this effect will be taken by the district collector after due deliberations at the appropriate forum.
While the base prices of the flats have been pegged at Rs 88.25 lakh, Rs 81.95 lakh, Rs 98.75 lakh and Rs 1.10 crore, the homestead plots measuring 0.45 acre is priced at Rs 7.31 lakh, sources said adding that the prices are fixed on the higher side of their market values.

The designated court here had earlier allowed the receiver to auction the properties of the tainted chit fund company and distribute the realised amount equitably among the investors after taking an ex parte decision.
The Economic Offence Wing (EOW) of the state police had seized the properties of the company that included a patch of 17 acres of land and buildings on it worth over Rs 11 crore, 32 bank accounts of the company having deposits over Rs 51 crore and cash of Rs 47 lakh from around 65 branches of the company spread across the state.