Markets regulator Sebi will auction as many as 19 properties owned by five companies including Maitreya Services and Suman Motels next month for a reserve price totalling over Rs 400 million.
Besides, properties of Arise Bhoomi Developers, Parasrampuria Plantations and Four Seasons Farms would go under the hammer too.
The move is part of an effort by Sebi to recover money that the companies had illegally mobilised from people.
The auction of these properties, spread across Maharashtra and Uttar Pradesh, and include land parcels, flats and shops will be conducted on September 12, Sebi said in a notice today.
Out of the 19 properties being put on the block, seven belong to Arise Bhoomi Developers followed by Four Seasons Farms (5), Maitreya Services (4) Parasrampuria Plantations (2) and Suman Motels (1).
The reserve price of the properties is fixed at over Rs 400 million, it added.\
The regulator has engaged SBI Capital Markets Ltd to assist it for sale of these properties through e-auction platform.
The interested candidates can inspect the properties on August 28, Sebi said adding that bidders should make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others, prior to submitting their bids.