To get better traders’ cash, Sebi on Wednesday mentioned it is going to public sale a complete of 5 properties of Golden Life Agro India Ltd and Sunshine Agro Infra Ltd for a reserve value of Rs 11.5 crore on June 16. The two firms raised funds from traders with out complying with regulatory norms.
The properties placed on the block embody land parcels and a double storied constructing located throughout West Bengal, the Securities and Exchange Board of India (Sebi) mentioned in a discover. Inviting bids for the sale of restoration proceedings towards Golden Life Agro India and Sunshine Agro Infra and their administrators, Sebi mentioned public sale of the properties will probably be carried out via on-line mode on June 16, 2022 throughout 10.30 am to 11.30 am.
Out of the 5 properties being placed on the block, three belong to Golden Life Agro India and remaining two relate to Sunshine Agro Infra. Total reserve value of those properties is pegged at Rs 11.53 crore, as per the discover. Quikr Realty has been appointed because the e-auction service supplier.
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The regulator mentioned the bidders ought to make their very own impartial enquiries relating to the encumbrances, title of properties placed on public sale and claims, amongst others, previous to submitting their bids.
“The properties are being sold with all the existing and future encumbrances whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims/rights/dues, etc,” the discover mentioned.
Sebi had earlier connected a few of their properties after directives asking them to refund traders’ cash together with curiosity didn’t materialise. In this matter, the watchdog had additionally connected demat and financial institution accounts.
Golden Life Agro raised Rs 11.3 crore from 24,915 traders via the issuance of non-convertible debentures by means of personal placement and Sunshine Agro Infra garnered funds from issuing redeemable desire shares to traders in 2011-12.
The two firms had been engaged in fund mobilizing exercise via challenge of securities to greater than 49 individuals with out complying with the provisions of the Companies Act, 1956. In June 2015, Sebi had directed Golden Life Agro India and its administrators to refund the cash raised from traders together with pursuits.
Source: www.financialexpress.com”