Sebi to auction properties of Bishal Group of companies on November 30 | Know why


Sebit set to recover money from the auction
Image Source : REPRESENTATIVE PIC Sebit set to recover money from the auction

Hardening its stance on Bishal Group of companies, capital markets regulator Sebi said that it will auction as many as 10 properties of the accused company on November 30 to recover money that was illegally raised by the firms from the public.

Names of these four firms 

1. Bishal Abasan India Ltd 2. Bishal Distillers Ltd 3. Bishal Agri-Bio Industries Ltd and 4. Bishal Horticulture and Animal Projects Ltd

The 10 properties put on the block are vacant lands and a residential property located in West Bengal. Total reserve price of these properties is pegged at Rs 14.4 crore, the Securities and Exchange Board of India (Sebi) said in a notice.

Inviting bids for the sale of recovery proceedings against the companies and its promoters/ directors, Sebi said auction of the properties will be conducted through online mode on November 30 during 10.30 am to 12.30 pm.

Adroit Technical Services Pvt. Ltd has been engaged by the regulator to assist in the e-auction.

The regulator has asked the bidders to make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others before submitting their bids.

According to the regulator, the four firms had mobilised funds by issuing Redeemable Preference Shares (RPS) to more than 49 persons without complying with the public issue norms.

While Bishal Distillers had raised funds to the tune of Rs 4 crore, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects had mobilised Rs 3 crore and Rs 2.84 crore, respectively.

The funds were mobilised by the firms between 2006-2014

Also, Bishal Abasan India raised Rs 2.75 crore by allotting RPS between 2011-12, apart from mopping up Rs 89 crore through issuance of Non-Convertible Debentures (NCDs) between 2012-14.

(With PTI input)

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