Sebi to auction MPS Group’s 18 properties in February
New Delhi: The Securities and Exchange Board of India (Sebi) said that it has lined up 18 properties of West Bengal-based MPS Group of companies for an online auction in February at a total reserve price of over Rs67 crore.
This is in addition to 14 properties of the group that were scheduled to be auctioned in June in 2017 and their combined reserve price was over Rs54 crore.
In a notice, Sebi said that SBI Capital Markets will auction 18 properties on 6 February at a reserve price of over Rs67 crore. The properties listed for sale include land parcels, buildings, residential flats and commercial space in Kolkata.
SBI Capital Markets has been engaged by the markets regulator to assist it in sale of the properties through e- auction platform on “as is where is and whatever there is” basis.
MPS Group of companies includes MPS Greenery Developers that collected Rs1,520 crore from investors through illegal collective investment schemes (CIS). The regulator has initiated the process for sale of assets of the group, as per an order from the Calcutta High Court.
Justice Sailendra Prasad Talukdar has been appointed as one-man committee for liquidating the assets of the MPS Group of companies and repaying the investors.
In December 2012, Sebi had directed MPS Greenery Developers to close its illicit CIS and refund investors within one month, failing which proceedings would be initiated against the entity and its senior officials.
Later in October 2013, the regulator had ordered attachment of over 50 bank accounts of MPS Greenery Developers.
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