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Sebi sells Pancard Clubs' properties in Kerala, Goa

Press Trust of India  |  New Delhi 

Sebi Thursday said it has sold two properties belonging to for a collective amount of nearly Rs 5 crore, as part of markets regulator's efforts to recover investors' money.

While the land parcel located in has been sold for Rs 4.4 crore, the one in has been disposed of for Rs 54 lakh, the (Sebi) said in

The regulator said it has received Rs 4.4 crore from for land parcel in and Rs 54 lakh jointly from Ramniwas L Agarwal, and for the property of Goa, after which it has confirmed the sale of these properties.

These entities paid the money after emerging as the highest bidder for these properties in an conducted on August 21.

Earlier in April, Sebi had sold two properties for nearly Rs 8 crore in the case.

The regulator has been auctioning the assets of Pancard Clubs, which had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through illegal collective investment schemes.

In February 2016, Sebi had directed the firm and its directors to refund the investors. However, the entities did not comply with the direction following which the regulator had initiated recovery proceedings in the case and attached the properties belonging to the firm and its directors.

Since the entities failed to repay the dues, Sebi had issued a notice of sale in April 2018 for selling their properties.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 11 2018. 19:30 IST
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