Sebi to Auction HBN Dairies' Properties in August 2024: A Step Towards Recovering Illicit Gains
The Securities and Exchange Board of India (Sebi) will auction eight properties of HBN Dairies & Allied Ltd next month for a reserve price of Rs 67.70 crore, aiming to recover money raised through illicit collective investment schemes.
SebiHbn DairiesAuctionIllicit GainsCollective Investment SchemesReal Estate MaharashtraJul 11, 2024
The properties will be auctioned at a reserve price of Rs 67.70 crore. Quikr Realty has been engaged by Sebi to assist in the e-auction, while C1 India has been appointed as the e-auction service provider. Sebi has cautioned potential bidders to make independent enquiries regarding the encumbrances, litigations, attachments, and acquisition liabilities of the properties put up for auction prior to submitting their bid.
The auction will be conducted online on August 13 from 11 am to 1 pm, and bidders can participate in the e-auction from anywhere. Sebi's move is part of its effort to recover money raised by HBN Dairies & Allied Ltd, which had illegally mobilized Rs 1,136 crore from gullible investors through schemes involving the purchase of cattle to earn huge returns from the sale of ghee.
By indulging in these activities, HBN Dairies & Allied Ltd had flouted regulatory norms. Sebi's action is a positive step towards protecting the interests of investors and maintaining the integrity of the capital markets.
Information Sebi is the capital markets regulator in India, responsible for protecting the interests of investors and maintaining the integrity of the capital markets. Quikr Realty is a real estate company that provides online real estate services.
The Securities and Exchange Board of India (Sebi) is the capital markets regulator in India, responsible for protecting the interests of investors and maintaining the integrity of the capital markets.
Frequently Asked Questions
What is the purpose of Sebi's auction of HBN Dairies' properties?
The purpose of the auction is to recover money raised by HBN Dairies & Allied Ltd through illicit collective investment schemes.
What is the reserve price of the properties being auctioned?
The reserve price of the properties is Rs 67.70 crore.
Where are the properties being auctioned located?
The properties are located in New Delhi, Punjab, Madhya Pradesh, Gujarat, and Maharashtra.
How can bidders participate in the auction?
Bidders can participate in the e-auction from anywhere, and the auction will be conducted online on August 13 from 11 am to 1 pm.
What was the amount illegally mobilized by HBN Dairies & Allied Ltd?
HBN Dairies & Allied Ltd had illegally mobilized Rs 1,136 crore from gullible investors through schemes involving the purchase of cattle to earn huge returns from the sale of ghee.
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