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SEBI is set to auction 15 properties owned by Mangalam Agro Products, Sumangal Industries, and Falkon Industries India as part of its recovery efforts following violations of regulatory norms. Quikr Realty will assist in the auction, which will feature properties from these companies and others, including Ravi Kiran Realty India and Purusattam Infotech Industries. Bidders are advised to conduct independent inquiries regarding the properties before placing bids.
The capital markets regulator, SEBI, announced earlier this week that it plans to auction 15 properties owned by Mangalam Agro Products, Sumangal Industries, and Falkon Industries India on 19 November. This initiative is part of SEBI's ongoing efforts to recover funds that these companies collected from investors in violation of regulations. Advertisement
In addition, Ravi Kiran Realty India and Purusattam Infotech Industries are two other companies whose properties will also be auctioned by the regulatory authority. The properties to be auctioned include flats, land with structures, and various land parcels situated in West Bengal and Odisha. The auction will commence online with a reserve price set at INR 11.89 crore, taking place from 11 am to 1 pm on 19 November, as indicated in a notice issued by the Securities and Exchange Board of India (SEBI).
SEBI has invited bids for the sale of properties as part of recovery proceedings against Mangalam Agro Products, Sumangal Industries, Falkon Industries India, Ravi Kiran Realty India, and Purusattam Infotech Industries, along with their promoters and directors. Additionally, Quikr Realty has been engaged by the regulator to assist with the auction process.
Furthermore, SEBI advised bidders to conduct their own independent inquiries concerning encumbrances, litigations, attachments, acquisition liabilities, property titles, claims, rights, dues, and other relevant details related to the properties up for auction before submitting their bids.
Out of the 15 properties being auctioned, seven are associated with Mangalam Agro Products, while three properties each are linked to Sumangal Industries and Falkon Industries India. The notice from the markets watchdog also highlighted that there is one property each from Ravi Kiran Realty India and Purusattam Infotech Industries.
These companies had raised funds from investors without adhering to regulatory norms. According to SEBI's previous orders, Mangalam Agro collected INR 11 crore from the unlawful issuance of secured non-convertible debentures (NCDs) to approximately 4,820 investors during the period of 2011-2012.
Sumangal amassed INR 85 crore from investors through illegal collective investment schemes (CIS). In addition, Ravi Kiran raised funds by issuing redeemable preference shares (RPS) to 1,176 individuals. Furthermore, Falkon Industries India Ltd (FIIL) collected INR 48.58 lakh by issuing redeemable preference shares to 714 individuals in 2009-2010.
The upcoming auction of properties by SEBI highlights the regulator's commitment to addressing financial misconduct and recovering funds from companies that have violated regulations. By engaging Quikr Realty and advising bidders to conduct thorough inquiries, SEBI aims to ensure a transparent process. This initiative not only seeks to recover investors' money but also serves as a warning to other firms regarding the importance of compliance with financial norms.
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