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Sebi to auction 162 properties of Sai Prasad Group and its 3 directors

The Sebi had already auctioned over 150 properties of the group's companies and their directors between April and September this year

Press Trust of India  |  New Delhi 

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Markets regulator will auction as many as 162 properties of of 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 move comes after (Sebi) had already auctioned over 150 properties of the group's and their directors between April and September this year.

Besides, the regulator had put up on sale, jewellery, ornaments and other valuables of

In a notice issued Friday, said it has engaged to assist it for sale of the 162 properties and fixed a total reserve price of Rs 550 million for them. The auction will be conducted on January 17.

Among the whose properties will be auctioned are - -Sai Prasad Corporation, and Sai Prasad Foods, while the directors are -- Balasaheb Bhapkar, and

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

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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 these properties put on auction.

A number of orders have been passed against 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.

First Published: Fri, December 14 2018. 15:05 IST
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