Sebi has declared highest bidders for three properties of Pancard Clubs for a total value of over Rs 22 crore as the regulator continues efforts to recover investors' money.
On Wednesday, the regulator also declared the highest bidders for four properties belonging to the company for a combined bid value of over Rs 54 crore.
After failing to refund Rs 7,000 crore raised from 51,55,516 investors from 2002-03 to 2013-14 through illegal collective investment schemes, the regulator has been auctioning the assets of Pancard Clubs.
Among the three properties, two are resorts located at Mahabaleshwar, Tadoba (Maharashtra) and one is at Pench (Madhya Pradesh), Sebi said in three separate communications dated October 24.
Hemantkumar Vijaykumar Shah and Jayantilal Tarachand Oswal were declared highest bidders for resort in Mahabaleshwar with bid amount of Rs 18.03 crore.
For Tadoba resort, Divine Enterprises was declared highest bidder with bid value of Rs 2.42 crore.
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Ramprasad Rambilas Agrawal was declared highest bidder for the resort in Pench with amount of Rs 2.02 crore.
Earlier this month, two properties of Pancard Clubs were sold through an auction for Rs 5 crore. In April, two other assets were sold for nearly Rs 8 crore.
In February 2016, Sebi directed the firm and its directors to refund the investors. As the entities failed to comply with the directions, the regulator initiated recovery proceedings and attached properties.