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Sebi to auction Sai Prasad Group's 16 properties

Press Trust of India  |  New Delhi 

Regulator will auction 16 properties owned by Sai Prasad Group in September for a total reserve price of over Rs 9 crore in order to recover funds worth thousands of crores raised by the Maharashtra-based group from public through illicit schemes.

As part of the recovery proceedings, on September 4 will e-auction immovable properties of Sai Prasad Properties Ltd, Sai Prasad Foods Ltd and Sai Prasad Corporation Ltd.

The properties to go under the hammer include land parcels, office premises, flats and commercial spaces across Maharashtra, said in an auction notice.

A number of orders have been passed against Sai Prasad Group companies 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.

Securities and Exchange Board of (Sebi), which has engaged Realty Ltd to assist it for sale of these 16 properties, has fixed a reserve price of over Rs 9.42 crore.

The markets watchdog said the prospective bidders can inspect the properties on August 11 to satisfy themselves.

It said the bidders should make their own independent enquiries regarding the encumbrances, litigation, attachments, acquisition and liabilities of the property put on auction prior to submitting their bids.

Earlier, Sebi had auctioned jewellery, ornaments and other valuables of Sai Prasad Group.

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

First Published: Tue, July 25 2017. 14:07 IST