Sebi to auction Aspen Projects' properties next month

Markets regulator Sebi will auction as many as five properties of Aspen Projects India Ltd next month at a reserve price totalling over Rs 67 lakh.

The move is part of an effort by Sebi to recover money that the Kolkata-based company had illegally mobilised from people.

The auction of these land parcels, located in West Bengal, will be conducted on November 27, the Securities and Exchange Board of India (Sebi) said in a notice Friday.

The reserve price of these properties amounts to Rs 67.24 lakh.

Sebi has invited "bids for sale of properties in the Recovery proceedings against Aspen Projects and its promoters/directors, through e-auction platform".

It has engaged SBI Capital Markets to assist it for sale of these properties.

The interested candidates can inspect the properties on November 12, Sebi said, adding that 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.

After finding the company and its directors had illegally raising funds from the public, the watchdog in August, 2015 had directed them to refund the money.

The regulator has has been auctioning the assets of those companies, which had illegally raised money from investors.