Sebi puts 6 properties of Maitreya Services up for sale

As part of its efforts to recover dues, markets regulator Sebi has put up for sale as many as six properties of Maitreya Services, which had raised money illegally from public.
The total reserve price of the properties - all of which are land parcels - comes to over Rs 26.28 crore.
The Securities and Exchange Board of India (Sebi) had earlier attached some of the company's properties after directives asking them to refund investors' money along with interest did not materialise.
In this matter, the watchdog had also attached demat and bank accounts of the firm.
The auction of the six properties spread across Maharashtra would be conducted on September 21 and bids for participation would be accepted till September 19.

In January, Sebi had asked the company as well as its two directors to pay Rs 82 crore along with returns to the investors within 15 days.

Subsequently, the regulator had started the recovery proceedings in March 2016, and attached seven properties in different parts of Maharashtra, after the firm failed to make the required refunds.
In a public notice, Sebi said the bidders should make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others, prior to submitting their bids.
Among others, an interested party would be required to provide Earnest Money Deposit (EMD) amounting to 10 per cent of the reserve price.

"The properties are being sold with all the existing and future encumbrances whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims/rights/dues, etc," the notice said.
Each of the property would be sold in a single lot and should not be sold below the reserve price fixed, it added.