 "Sebi to auction 162 properties of Sai Prasad Group and its 3 directors")
Markets regulator Sebi will auction as many as 162 properties of Sai Prasad Group of firms and three of its directors next month in order to recover funds worth thousands of crores raised by the entity through illicit collective investment schemes.
The move comes after Securities and Exchange Board of India (Sebi) had already auctioned over 150 properties of the group's companies and their directors between April and September this year.
Besides, the regulator had put up on sale, jewellery, ornaments and other valuables of Sai Prasad Group.
In a notice issued Friday, Sebi said it has engaged SBI Capital Markets to assist it for sale of the 162 properties and fixed a total reserve price of Rs 550 million for them. The auction will be conducted on January 17.
Among the companies whose properties will be auctioned are - -Sai Prasad Corporation, Sai Prasad Properties and Sai Prasad Foods, while the directors are -- Balasaheb Bhapkar, Shashank Bhapkar and Vandana Bhapkar.
The properties to go under the hammer include agricultural land, land parcels, office space, flats and commercial premises across Maharashtra and Madhya Pradesh.
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The regulator has asked the intending bidders to make their own independent enquiries regarding the measurement, nature, type, classifications, encumbrances, litigations, attachments and liabilities of these properties put on auction.
A number of orders have been passed against Sai Prasad Group companies and some of its directors in the recent years for recovery of thousands of crores of rupees that they collected through illicit collective investment schemes.