Sebi puts on block 9 properties of Sun Plant to recover dues

To recover dues, markets regulator Securities and Exchange Board of India (Sebi) has put up for sale as many as nine properties of Sun Plant Agro and Sun Plant Business, which had raised money illegally from the public.

The total reserve price of the properties -- all of which are land parcels -- comes to around Rs 6.62 crore.

The Sebi had earlier attached some of their properties after directives asking them to refund investors' money along with interest did not materialise.

In this matter, the watchdog had also attached demat and bank accounts.

Out of the nine properties being put on the block, eight belong to Sun Plant Agro and the remaining is with Sun Plant Business.

The auction of the nine properties spread across West Bengal would be conducted on June 29 and bids for participation would be accepted till June 24.

In December 2014, attachment proceedings were initiated against Sun Plant Agro to recover Rs 69.34 crore. A separate attachment order came in December 2015 against Sun Plant Business to recover a sum of Rs 5.76 crore.

In a public notice, Sebi said the bidders should make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others, prior to submitting their bids.

Among others, an interested party would be required to provide Earnest Money Deposit (EMD) amounting to 10 per cent of the reserve price.

"The properties are being sold with all the existing and future encumbrances whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims/rights/dues, etc," the notice said.

Each of the property would be sold in a single lot and should not be sold below the reserve price fixed, it added.