Sebi to auction Sai Prasad Group's 200 properties next month

Markets regulator Sebi on Friday said it will auction nearly 200 properties of Sai Prasad Group firms and three of its directors next month in order to recover funds worth thousands of crores raised by the entity through illicit collective investment schemes.

The regulator has been auctioning properties of the group's companies and their directors for the past two years. Besides, it had put up on sale, jewellery, ornaments and other valuables of Sai Prasad Group.

In separate notices, Sebi said it will auction 90 properties in Madhya Pradesh, 62 in Odisha and 46 in Maharashtra at a total reserve price of over Rs 74 crore. The auction will be conducted on November 22.

The companies whose properties will be auctioned are Sai Prasad Corporation, Sai Prasad Properties and Sai Prasad Foods, while the directors are Balasaheb Bhapkar, Shashank Bhapkar and Vandana Bhapkar.

The properties to go under the hammer include agricultural land, land parcels, office space and commercial premises across the three states.

The regulator has asked the intending bidders to make their own independent enquiries regarding the measurement, nature, type, classifications, encumbrances, litigations, attachments and liabilities of the properties put on auction.

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