Sebi to auction 5 properties of Parasrampuria, Shree Sai Space

Markets regulator Sebi today said it will auction five properties owned by Parasrampuria Plantations Ltd and Shree Sai Space Creations Ltd as well as its directors next month for a total reserve price of nearly Rs 5 crore.
The move is part of an effort by Securities and Exchange Board of India (Sebi) to recover investors' money.
Out of the five properties being put on the block, three belong to Shree Sai Space Creations and its directors --Suresh Shrivastav, Laxmi Shrivastav, Ritesh Shrivastav and Vivek Shrivastav -- and two of Parasrampuria Plantations.
The auction of the properties, spread across Maharashtra, and include land parcels, will be conducted on November 28, Sebi said in a notice.

The regulator has engaged SBI Capital Markets Ltd to assist it for sale of these properties.
Sebi had earlier attached bank as well as demat accounts of these companies after they failed to refund investors money along with interest. These firms had illegally raised funds from the public.

The market watchdog said the bidders should make their own independent enquiries regarding the encumbrances, litigation, attachments, acquisition and liabilities of the property put on auction prior to submitting their bids.
"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," as per the notice.

Earlier in August, Sebi had auctioned eight properties of these companies for a total reserve price of over Rs 8 crore.