Capital markets regulator Sebi will auction assets of Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd on January 23 to recover investor funds raised by the firms in the garb of sham 'timeshare' holiday plans.
The move comes following the directions of the Supreme Court, the regulator said in a notice on Friday.
The properties of the firms in Mumbai, Bengaluru and Kerala will be auctioned on January 23.
The property at Lower Parel in Mumbai will be auctioned at a reserve price of Rs 25.6 crore, while the reserve price for Lonavala property is Rs 35.25 crore.
The reserve price for Bengaluru and Alappuzha (Kerala) property is Rs 32 crore and Rs 15.3 crore, respectively.
In December 2018, Sebi had imposed a penalty of Rs 50 lakh on Citrus Check Inns and its directors for non-compliance with its order, wherein it had barred them from raising funds from the public.
Sebi had received several investor complaints against Citrus alleging that directors of Royal Twinkle were now running their collective investment scheme (CIS) through Citrus.
In August 2015, the regulator had imposed a four-year ban on Royal Twinkle and its four directors for illegally raising over Rs 2,656 crore in the garb of sham 'timeshare' holiday plans.
Besides, it had directed the company and its officials to refund the money along with promised returns to the investors in three months.
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