Sebi to auction two properties of Swar Agrotech on Aug 7 to recover money

Capital markets regulator Sebi on Friday said it will auction two properties of Swar Agrotech India Ltd at a reserve price of over Rs 1 crore on August 7 to recover money raised by the firm from the public through illicit schemes.

Inviting bids, the Securities and Exchange Board of India (Sebi) said an auction of the properties will be conducted through online mode between 11 am and 1 pm on August 7.

The land parcels, which are going under the hammer, are in Uttar Pradesh.

Further, the total reserve price has been pegged at Rs 1.07 crore for the assets, the regulator said in a notice.

Quikr Realty has been engaged by Sebi to assist in the sale of these properties.

Interested candidates can inspect the properties during July 17-21, Sebi said, adding that bidders should make their independent inquiries regarding the encumbrances, title of properties put on auction, and claims, among others, before submitting their bids.

Going by the Sebi order, Swar Agrotech had mobilized around Rs 95 lakh from investors through illegal investment schemes.

In March 2016, the regulator ordered the company and its directors to refund investors money, which was raised through illegal investment schemes within three months.