Sebi to auction realty firm's properties to recover investors money

sebi, securities and exchange board, ravi kiran realty india ltd, ravi kiran realty india, rps

New Delhi: Capital markets regulator Sebi on Tuesday said it will auction four properties of Ravi Kiran Realty India Ltd and its promoters on December 16 to recover investors’ money. These properties located in West Bengal will be auctioned at a reserve price totalling Rs 3.22 crore, the Securities and Exchange Board of India (Sebi) said in a notice.

Inviting bids for the sale of these properties, Sebi said the auction will be conducted through online mode.

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 the properties put on auction.

In October 2020, Sebi had announced that it will auction four properties of Ravi Kiran Realty India on November 5, last year.

The company had raised funds by issuing redeemable preference shares (RPS) to 1,176 people without complying with the public issue norms.

Under the norms, the firm is required to list its securities on the recognised bourse as the shares were issued to more than 50 persons. It was also required to file a prospectus, among other things, which it failed to do.

In March 2016, Sebi had ordered the company to refund investors’ money.

However, it failed to do so and consequently the regulator initiated recovery proceedings against the company and its promoters or directors.

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