Sebi to Auction 19 Properties of KBCL India to Recover Investor Funds
Sebi has lined up 19 properties of KBCL India Ltd for auction on July 16 to recover money illegally collected from investors.
SebiKbcl IndiaAuctionInvestorsRegulatory NormsReal EstateJun 13, 2024
The move is part of Sebi's effort to recover investors' money after KBCL India Ltd, its directors Rakesh Kumar, Vishvnath Pratap Singh, and Shashi Kant Mishra failed to refund the investors' money. Quikr Realty has been engaged by Sebi to assist in the sale of properties, while C1 India has been appointed as the e-auction service provider.
Bidders are required to make their own independent enquiries regarding the encumbrances, litigations, attachments, and acquisition of liabilities of the property put on auction prior to submitting their bid. The auction will be conducted online on July 16 from 11 am to 1 pm.
KBCL India Ltd had mobilized funds to the tune of Rs 118.69 crore as of March 31, 2012, without complying with regulatory norms. In May 2014, Sebi restrained KBCL India Ltd and its directors from raising any money from the public. Sebi found that KBCL was running a Collective Investment Scheme (CIS) without requisite approvals and registration from the markets regulator.
Sebi is the capital markets regulator in India responsible for protecting the interests of investors and promoting the development of the securities market.
Sebi was established in 1988 and is headquartered in Mumbai, India. Its main objective is to protect the interests of investors and promote the development of the securities market.
Frequently Asked Questions
What is the purpose of the auction?
The auction is being held to recover funds illegally collected from investors by KBCL India Ltd.
How many properties are being auctioned?
19 properties, including land parcels and a plot in Uttar Pradesh, are being auctioned.
What is the reserve price of the auction?
The reserve price of the auction is Rs 3.54 crore.
Who has been engaged by Sebi to assist in the sale of properties?
Quikr Realty has been engaged by Sebi to assist in the sale of properties.
What is the deadline for submitting bids?
The auction will be conducted online on July 16 from 11 am to 1 pm.
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