Sebi declares highest bidders for Pancard Clubs' properties in Kerala, Goa

Markets regulator Sebi today declared the highest bidders for a couple of properties belonging to Pancard Clubs for a combined bid value of Rs 4.94 crore.

The properties include land parcels in Kerala and Goa, according to separate Sebi communications.

Following the conclusion of e-auction of the land parcels in Kerala, ARV Ventures has been declared as the highest bidder with a bid amount of Rs 4.40 crore, the Securities and Exchange Board of India (Sebi) said.

For the property in Goa, the regulator has announced Ramniwas L Agarwal, Vijay J Shewakramani and Manohar Jathar as the highest bidders "jointly" for a bid value of Rs 54 lakh.

In both cases, the bidders have to immediately pay a sum amounting to the bid value's 25 per cent, which includes the earnest money deposit already deposited by them.

The balance amount has to be paid within a period of 15 days along with poundage fee of 1 per cent of the bid amount.

Pancard Clubs had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through illegal collective investment schemes.

In February 2016, Sebi had directed the firm and its directors to refund the investors. However, the entities did not comply with the direction following which the regulator had initiated recovery proceedings in the case and attached the properties belonging to the firm and its directors.

Since the entities failed to repay the dues, Sebi had issued a notice of sale in April 2018 for selling their properties.