New Delhi: Capital market regulator Securities and Exchange Board of India (Sebi) will auction 16 properties owned by Sai Prasad Group in September for a reserve price of over Rs9 crore in order to recover funds worth thousands of crores raised by the Maharashtra-based group from the public through illicit schemes.

As part of the recovery proceedings, Sebi on 4 September will e-auction immovable properties of Sai Prasad Properties Ltd, Sai Prasad Foods Ltd and Sai Prasad Corporation Ltd. The properties to go under the hammer include land parcels, office premises, flats and commercial spaces across Maharashtra, Sebi said in an auction notice.

A number of orders have been passed against Sai Prasad Group companies and some of its directors in the recent years for recovery of thousands of crores of rupees that they collected through illicit collective investment schemes. Securities and Exchange Board of India (Sebi), which has engaged HDFC Realty Ltd to assist it for sale of these 16 properties, has fixed a reserve price of over Rs9.42 crore.

The markets watchdog said the prospective bidders can inspect the properties on 11 August to satisfy themselves. It said the bidders should make their own independent enquiries regarding the encumbrances, litigation, attachments, acquisition and liabilities of the property put on auction prior to submitting their bids. Earlier, Sebi had auctioned jewellery, ornaments and other valuables of Sai Prasad Group.