Sebi to auction seven properties of Pancard Clubs

Sebi will auction seven properties belonging to Pancard Clubs and its late CMD at a total reserve price of Rs 282 crore as the regulator looks to recover investors' money of over Rs 7,000 crore.
As part of the recovery proceedings, the watchdog on January 10 will e-auction immovable properties of Pancard Clubs and its CMD, the late Sudhir Moravekar, the Securities and Exchange Board of India (Sebi) said in a notice today.
The properties to go under the hammer include office premises and a hotel across Goa and Maharashtra. Total reserve price of these properties is pegged at Rs 282.12 crore.

The regulator has engaged SBI Capital Markets to assist it for sale of the properties.
Sebi said the bidders should make their own independent enquiries regarding the nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities of the properties put under auction prior to submitting their bid.
"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 or dues etc," the regulator added.