The Calcutta High Court today formed a three-member committee to sell properties of Rose Valley Real Estate Pvt Ltd in West Bengal to pay off investors on a plea by the company.
Justice Arijit Banerjee directed formation of the committee comprising Justice (retired) Dilip Seth of the Calcutta High Court, the Inspector General of Registration or his representative and a Director from RVREPL.
The committee would first do a base valuation of the properties to be sold and then hold a public auction of these, the court directed.
The proceeds from the sale would be kept in a bank account to be opened by the committee, Justice Banerjee directed.
The whole operation would be under court supervision.
The committee was directed by the court to submit a report before it on August 14.
RVREPL moved an application before the high court seeking permission to sell its properties to pay off investors.
Rose Valley chairman Gautam Kundu was arrested by Enforcement Directorate under Prevention of Money Laundering Act (PMLA) Act and is at present in judicial remand.
More than 2,000 bank accounts of Rose Valley Group have been frozen by ED.
