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The Securities and Exchange Board of India (SEBI) has scheduled the auction of 30 properties belonging to the Rose Valley Group, with a total reserve price of INR 409.02 crore. This move is part of SEBI's ongoing efforts to recover funds raised through unauthorised investment schemes. The properties, including land with buildings, flats, resorts, hotels, and amusement parks, are located across West Bengal, Andaman and Nicobar Islands, Tripura, and Bihar. The e-auction is set to take place later this year. Interested bidders can participate online, either from within India or abroad. SEBI has appointed C1 India as the e-auction service provider and engaged Quikr Realty to assist in the sale process.
The Securities and Exchange Board of India (SEBI) has announced plans to auction 30 properties of the Rose Valley Group, valued at INR 409.02 crore, as part of its ongoing efforts to recover funds raised through unauthorised investment schemes. The auction is scheduled to take place later this year, between 11 am and 1 pm, and will be conducted online, allowing participation from both domestic and international bidders. The properties up for auction include land with buildings, flats, resorts, hotels, amusement parks, and other real estate assets located in West Bengal, Andaman and Nicobar Islands, Tripura, and Bihar. SEBI has appointed C1 India as the e-auction service provider and engaged Quikr Realty to assist in the sale process. Advertisement
This auction follows a series of previous efforts by SEBI to liquidate Rose Valley Group's assets and repay investors. In late 2023, SEBI auctioned 27 properties worth INR 63.26 crore, and in mid-2024, 22 properties valued at INR 8.6 crore were auctioned. These actions are part of SEBI's broader initiative to address the financial irregularities associated with the Rose Valley Group, which had raised funds through illegal collective investment schemes.
The Calcutta High Court had earlier directed the formation of an Assets Disposal Committee to oversee the sale of these assets. In late 2023, the court instructed SEBI to initiate e-auctions of select properties to facilitate the repayment process. SEBI's current auction is a continuation of these efforts, aiming to recover funds for the affected investors.
By facilitating the liquidation of these assets, SEBI aims to provide a measure of restitution to those affected by the group's unauthorised schemes. The transparent and accessible nature of the online auction process reflects SEBI's dedication to fairness and accountability in its regulatory actions. As this auction progresses, it may set a precedent for similar initiatives in the future, reinforcing the importance of regulatory oversight in maintaining investor confidence in the financial markets.
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