Sebi to Auction 23 Properties of Nine Firms
The Securities and Exchange Board of India (Sebi) has announced the auction of 23 properties belonging to nine companies, including Tower Infotech and Vibgyor Group, in February 2025. This auction aims to recover funds illicitly collected from investors. Other companies whose properties will be auctioned include GBC Industrial Corporation, Waris Group, Pincon Group, Kolkata Weir Industries Ltd (KWIL), Annex Infrastructure India, I-core Group, and MPS Group. The process has been initiated by Sebi following the Calcutta High Court's orders. The properties, which include plots, apartments, and buildings located in West Bengal, will be auctioned at a reserve price of Rs 55 crore. Justice Sailendra Prasad Talukdar has been appointed as the committee for liquidating the assets and repaying investors. Adroit Technical Services has been engaged to assist in the sale. The auction will take place online on February 6, 2025, from 11 am to 1 pm. Sebi has cautioned bidders to conduct their own due diligence regarding encumbrances, litigations, and property titles before submitting their bids. These companies had raised funds from investors without complying with regulatory norms.
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