Cuttack, May 31: Government officials are trying to figure out why the state government's first ever auction of immovable properties of a Ponzi company failed to attract any bids.

The authorities made a second unsuccessful attempt to auction the properties today.

The online auction for refund to the investors in the state was carried out under the Odisha Protection of Interests of Depositors (In Financial Establishments) Act, 2011.

No bidders showed up today for the e-auction of four residential and office space on the fifth floor of Utkal Signature building at Pahala near Bhubaneswar and three plots of land at Shyamsundarpur, under Nilagiri tehsil in Balasore district.

Four flats having 11,235sqft super built-up area and three parcels covering 0.45 acres were offered today. While the offset price of the flats ranged from Rs 88.95 lakh to Rs 1.01 crore and the plots from Rs 1.62 lakh to Rs 3.41 lakh, the total value of the assets put up for auction stood at Rs 3.86 crore. The bidders were expected to participate in the e-auction from 11am to 3pm.

The additional district magistrate (ADM), Cuttack-cum-competent authority, had put up for auction the attached properties of Rose Valley Group of Companies through a web portal of the central government owned-MSTC.

"We are trying to figure out what didn't work," ADM (Cuttack) Bibhuti Bhusan Das told The Telegraph.

A second attempt was made today after the first on May 4 proved unsuccessful.

"The properties would be referred to the collector of the respective districts - Khurda and Balasore - for re-fixation of the offset price, or carry out any other instruction that the government gives us," Das said.