Sebi finds buyer for Sai Prasad group cos' jewellery

Sebi has found a buyer for Sai Prasad group of companies' jewellery and ornaments, which the regulator had put on e-auction for recovery of funds worth thousands of crores raised by the Maharashtra-based group from the public through illicit schemes.
Following the conclusion of the e-auction today, the Securities and Exchange Board of India (Sebi) declared one Pramod Lohia as the highest bidder for gold jewellery and ornaments (3.21 kg) and composite jewellery and ornaments with 50-carat weight of diamond and 254 grams of gold.
Lohia had bid Rs 84.7 lakh for the for the gold items and Rs 91.2 lakh for composite jewellery.

The regulator had fixed the reserve price for the gold items at Rs 68.85 lakh, while that for composite jewellery was Rs 82.2 lakh for the e-auction scheduled today.
Lohia has already paid Rs 15.30 lakh to Sebi as deposit for the gold items and composite jewellery and inspection charges.
The regulator has directed Lohia to pay remaining Rs 1.6 crore along with poundage fee of 1 per cent of bid amount within seven days.
Last month, Sebi had ordered the e-auction of jewellery and ornaments of Sai Prasad group of companies -- Sai Prasad Properties, Sai Prasad Foods and Sai Prasad Corporation -- for recovery of funds worth thousands of crores which the group had raised from the public through illicit schemes.

A number of recovery orders have been passed against the Sai Prasad group companies and some of its directors in the recent years for recovery of thousands of crores of rupees they were found to have collected through illicit collective investment schemes.