Sebi to auction 24 assets of Pancard at reserve price Rs2,100 crore
Looking to recover over Rs7,000 crore of investors’ money, Sebi will auction 24 assets of Pancard Clubs and its late CMD at a total reserve price of nearly Rs2,100 crore
New Delhi: Looking to recover over Rs7,000 crore of investors’ money, markets regulator Securities and Exchange Board of India (Sebi) will next month auction 24 properties of Pancard Clubs and its late chairman and managing director at a total reserve price of nearly Rs2,100 crore.
This is in addition to at least 33 properties which were auctioned between December and March with combined reserve price of more than Rs800 crore.
In a notice issued on Monday, Sebi said SBI Capital Markets will auction 10 properties of Pancard Clubs and three properties of its late CMD Sudhir Moravekar on 9 May at a reserve price of Rs2,087 crore.
The properties listed for the sale include a four-star hotel, resorts, land parcels, office spaces and shops in Maharashtra, Karnataka, West Bengal, Madhya Pradesh, Tamil Nadu and Kerala.
Sebi said the bidders should make their own independent enquiries regarding the “nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities” of the properties put under auction before submitting their bids.
“The properties are being sold with all the existing and future encumbrances, whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims, rights or dues etc,” the regulator added.
The company had failed to comply with Sebi’s direction in February 2016 ordering it to refund to investors over Rs7,000 crore, raised through illegal collective investment schemes (CIS).
Pancard Clubs had mobilised Rs7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes.
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