Capital markets regulator SEBI on Tuesday said it has decided to auction 46 properties of Royal Twinkle Star Club and Citrus Check Inns at a reserved price of over Rs 97 crore. The date has been fixed for 6 April. SEBI’s move is part of SEBI’s efforts to recover money worth thousands of crores raised by companies.
In a notice, the Securities and Exchange Board of India (SEBI) said that the auction will be conducted on April 6, 2022, between 11 am and 1 pm.
The properties to be auctioned include office complexes, residential flats, plots of land and shops located in Maharashtra, Gujarat, Daman and Dadra and Nagar Haveli.
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From November 2019 to November 2021, over 220 properties of companies were auctioned at a reserve price of over Rs 1,200 crore.
This step was taken following a Supreme Court order in December 2019. In this order, the sale-cum-monitoring committee headed by retired Justice JP Deodhar was directed to sell 114 properties of the companies within six months.
In December 2018, SEBI imposed a fine of Rs 50 lakh on Citrus Check Inns and its directors for non-compliance with its order. Apart from this, he was barred from raising funds from the public.
SEBI had received complaints from several investors against Citrus. Investors alleged that the directors of Royal Twinkle were now running their Collective Investment Scheme (CIS) through Citrus.
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In August 2015, the regulator imposed a four-year ban on Royal Twinkle and its four directors for illegally raising over Rs 2,656 crore under the guise of fake timeshare holiday plans.
Apart from this, SEBI had also directed the company and its officers to return the money to the investors along with the promised returns in three months.
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