 "Sebi to auction properties of Bishal Group on Nov 30 to recover money")
Capital markets regulator Sebi will auction as many as 10 properties of Bishal Group of companies on November 30 to recover money that was illegally raised by the firms from the public.
These four firms are -- Bishal Abasan India Ltd, Bishal Distillers Ltd, Bishal Agri-Bio Industries Ltd, and Bishal Horticulture and Animal Projects Ltd, according to a public notice issued by Sebi last week.
The 10 properties put on the block are vacant lands and a residential property located in West Bengal. Total reserve price of these properties is pegged at Rs 14.4 crore, the Securities and Exchange Board of India (Sebi) said in a notice.
Inviting bids for the sale of recovery proceedings against the companies and its promoters/ directors, Sebi said auction of the properties will be conducted through online mode on November 30 during 10.30 am to 12.30 pm.
Adroit Technical Services Pvt. Ltd has been engaged by the regulator to assist in the e-auction.
The regulator has asked the bidders to make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others before submitting their bids.
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According to the regulator, the four firms had mobilised funds by issuing Redeemable Preference Shares (RPS) to more than 49 persons without complying with the public issue norms.
While Bishal Distillers had raised funds to the tune of Rs 4 crore, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects had mobilised Rs 3 crore and Rs 2.84 crore, respectively.
The funds were mobilised by the firms between 2006-2014.
Also, Bishal Abasan India raised Rs 2.75 crore by allotting RPS between 2011-12, apart from mopping up Rs 89 crore through issuance of Non-Convertible Debentures (NCDs) between 2012-14.
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