Markets regulator Sebi will auction 69 properties of Sai Prasad Group of companies and three of its directors on April 20 in order to recover funds worth thousands of crores raised by the Maharashtra-based entity through illicit collective investment schemes.
Among the companies whose properties will be auctioned are Sai Prasad Foods, Sai Prasad Corporation and Sai Prasad Properties, while the directors include Balasaheb Bhapkar, Shashank Bhapkar and Vandana Bhapkar.
The properties to go under the hammer include land parcels, office space and commercial premises across Maharashtra, the Securities and Exchange Board of India (Sebi) said in a notice.
The Sebi has engaged HDFC Realty to assist it for sale of the 69 properties and fixed a total reserve price of nearly Rs 14 crore for them.
"The intending bidders should make their own independent enquiries regarding the extent, measurement, nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities of the property, title, survey number (s)/ plot number(s) and claim/ rights/ dues etc in respect of the properties put on auction, prior to submitting their bid," Sebi said.
"The properties are being sold with all the existing and future encumbrances, whether known or unknown to Sebi/ the Agency (HDFC Realty)," it added.
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