Sebi to auction 7 properties worth Rs 15.47 cr of Bishal Group on Dec 10

Capital markets regulator Sebi has said that it will auction seven properties belonging to Bishal Group of Companies on December 10 to recover money illegally collected by the entity from investors.

The properties will be auctioned at a reserve price of a little over Rs 15.47 crore, according to a public notice issued by the Securities and Exchange Board of India.

These properties are flats, land and buildings, land parcels, and plots located in West Bengal.

Sebi has invited bids for the sale of properties in the recovery proceedings against Bishal Abasan India Ltd, Bishal Distillers Ltd, Bishal Agri-Bio Industries Ltd, Bishal Horticulture and Animal Projects Ltd and their promoters/directors (collectively referred to as Bishal Group).

The regulator said the auction will be conducted on December 10 from 11 am to 1 pm.

Adroit Technical Services has been appointed by the markets watchdog to assist it in the sale of properties.

The regulator has asked the bidders to make their own independent inquiries regarding the encumbrances, title of properties put on auction and claims, among others, before submitting their bids, Sebi said in a notice on Friday.

According to the regulator, the four firms had mobilised funds by issuing Redeemable Preference Shares to more than 49 people without complying with the public issue norms.

Furthermore, Bishal Distillers had raised Rs 4 crore, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects had mobilised Rs 3 crore and Rs 2.84 crore, respectively.

All these funds were mobilised between 2006 and 2014.

Also, Bishal Abasan India raised Rs 2.75 crore by allotting RPS during 2011-12, apart from mopping up Rs 89 crore through the issuance of non-convertible debentures during 2012-14.