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Sebi to recover Rs 70 bn by auctioning 11 Pancard Clubs properties in Feb

Pancard Clubs mobilised Rs 70.35 billion from 51,55,516 investors from 2002-03 to 2013-14 via many holiday schemes

Press Trust of India  |  New Delhi 

SEBI
Photo: Reuters

Looking to recover over Rs 70 billion of investors' money, regulator has lined up as many as 11 properties of and its late CMD for an online auction next month at a total reserve price of Rs 2.53 billion.

This is in addition to 11 properties of the company that were auctioned in December as well as on January 10 and their combined reserve price was Rs 5.52 billion.

In a notice, the (Sebi) said that SBI Capital will auction 10 properties of and one property of its late CMD, Sudhir Moravekar on February 14 at a reserve price of Rs 2.53 billion.

The properties listed for sale include a four star hotel, land parcels and office space in Goa, Maharashtra, Rajasthan and West Bengal.

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 before submitting their bids.

"The properties are being sold with all the existing and future encumbrances, whether known or unknown to Sebi shall not be responsible in any way for any third party claims, rights or dues etc," the regulator added.

The company had failed to comply with Sebi's direction in February 2016 ordering it to refund to investors over Rs 70 billion, raised through illegal collective investment schemes (CIS).

had mobilised Rs 70.35 billion from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes.

First Published: Mon, January 15 2018. 18:55 IST
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