To help recover investors’ money, markets regulator Sebi will auction eight properties of Vishwamitra International Infra next month for a reserve price of Rs 2.8 crore.
These properties are vacant lands located in Bengal, the Securities and Exchange Board of India said in a notice.
Inviting bids for the sale of these properties, Sebi said the auction will be conducted through online mode on January 27, 2022 between 11 am and 1 pm.
The regulator has asked the intending bidders to make their own independent enquiries regarding the measurement, nature, type, classifications, encumbrances, litigations, attachments and liabilities of the properties put on auction. Procurement technologies have been engaged by Sebi to assist it for sale of the properties.
Vishwamitra International had allotted over 41.5 lakh non-convertible debentures (NCDs) worth Rs 41.61 crore in 2012-13 to Vishwamitra India Tour & Hotels (its group company), which in turn transferred these NCDs to 83,109 investors, without complying with public issue norms, according to a Sebi order issued in 2016. As of March 2014, the amount raised through NCDs by Vishwamitra International was Rs 107 crore.
