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The Securities and Exchange Board of India (SEBI) is set to auction 26 properties of HBN Dairies & Allied Ltd in February 2025 to recover funds raised through illicit collective investment schemes. The auction, with a reserve price of INR 83.26 crore, follows a Supreme Court order in May 2024 allowing SEBI to sell the assets. These properties are spread across various states, including Delhi, Gujarat, Maharashtra, Punjab, Madhya Pradesh, and Chhattisgarh. The sale will be conducted online, with Quikr Realty and C1 India assisting in the process. This auction is part of SEBI's ongoing efforts to recover over INR 1,136 crore raised illegally by HBN Dairies.
SEBI, the Securities and Exchange Board of India, is preparing to auction 26 properties of HBN Dairies & Allied Ltd in February 2025, with a reserve price set at INR 83.26 crore. This auction is part of SEBI's ongoing efforts to recover funds raised through illegal collective investment schemes orchestrated by HBN Dairies. These schemes had defrauded investors by promoting dubious investment opportunities involving cattle purchases to generate substantial profits from ghee sales. Advertisement
The auction follows a significant Supreme Court ruling issued on May 14, 2024. The court authorised SEBI to sell the assets of HBN Dairies & Allied Ltd, with the active involvement of the liquidator. The order came after the company and its directors-Harmender Singh Sran, Amandeep Singh Sran, Manjeet Kaur Sran, and Jasbeer Kaur-failed to refund the substantial sums of money collected from investors. Despite the company's failure to meet its financial obligations, SEBI is now working to recover these funds through the sale of the company's assets.
The properties up for auction include a diverse range of assets: land plots, land parcels, and commercial shops, strategically located in several states, including New Delhi, Gujarat, Maharashtra, Punjab, Madhya Pradesh, and Chhattisgarh. These properties, which are expected to generate significant revenue, are being offered for sale at a reserve price of INR 83.26 crore. SEBI has appointed Quikr Realty, a company well-versed in property transactions, to assist in the e-auction process, while C1 India will provide the necessary online auction platform.
Potential bidders are required to carry out thorough due diligence before submitting their bids. This includes independently verifying any encumbrances, legal disputes, attachments, or liabilities associated with the properties. Such precautionary measures are critical in ensuring that bidders are fully aware of the conditions of the properties they are considering for purchase.
The online auction is scheduled to take place on February 27, 2025, from 11 a.m. to 1 p.m. As the auction will be conducted through an online platform, bidders can participate from anywhere in the world, making it accessible to a wide range of interested parties. The auction is part of SEBI's continued efforts to recover funds from HBN Dairies & Allied Ltd and its directors, who had misused public trust by illegally raising INR 1,136 crore from unsuspecting investors.
In a related development, SEBI had previously auctioned eight properties of HBN Dairies & Allied Ltd in August 2024 as part of a similar recovery initiative. This ongoing effort to liquidate the company's assets highlights SEBI's commitment to protecting investors and upholding the integrity of the financial markets by holding companies accountable for fraudulent activities.
This move is a part of SEBI's larger mandate to regulate and supervise the capital markets in India. SEBI's actions in this case demonstrate its resolve to not only safeguard the interests of investors but also ensure that companies involved in illegal financial practices are held responsible for their actions. By liquidating the assets of HBN Dairies & Allied Ltd, SEBI is working to restore a degree of financial justice to those who were deceived by the company's misleading schemes.
SEBI's upcoming auction of HBN Dairies & Allied Ltd's properties is a significant step in recovering the funds mobilised through illegal investment schemes. By offering these assets for sale at a reserve price of INR 83.26 crore, SEBI aims to address the financial losses faced by investors. The involvement of Quikr Realty and C1 India ensures a smooth online auction process. This initiative highlights SEBI's commitment to safeguarding investors' interests and ensuring that companies engaging in fraudulent practices are held accountable.
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