Sibi, who has called for bids to sell these properties, said the auction will take place online on January 27, 2022 from 11 am to 1 pm.
Aiming to recover investors’ money, markets regulator SEBI will auction eight properties to Vishwamitra International Infra next month at a reserve price of Rs 2.8 crore. The Securities and Exchange Board of India (SEBI) said in a notice that these properties are vacant lands located in West Bengal. Sibi, who has called for bids to sell these properties, said the auction will take place online on January 27, 2022 from 11 am to 1 pm.
The regulator requested that bidders intending to make their own independent inquiries regarding the measurement, nature, type, classifications, encumbrances, litigation, attachments and responsibilities of the properties offered at auction.
Procurement Technologies has been contracted by Sebi to assist with the sale of real estate.
Vishwamitra International committed over 41.5 lakh Non-Convertible Bonds (NCDs) worth Rs 41.61 crore in 2012-13 to Vishwamitra India Tour & Hotels Ltd (its group company), which in turn transferred these non-communicable diseases to 83,109 investors, without complying with the issuance The year as per the Sebi order of 2016. As of March 2014, the amount collected through the NCD offering from Vishwamitra International was Rs 107 crore.
Under the rules, the company was required to list its securities on the recognized stock exchange where the shares were issued to more than 50 people. He was also required to submit a handout, among other things, which he failed to do.
In August 2016, SEBI ordered Vishwamitra International, its group company and five directors to refund investors within three months, which they had raised by issuing non-communicable diseases without complying with public issuance rules.
Besides banning the companies and their directors for four years, they were required to refund the money along with interest of 15 per cent per annum.
However, they failed to do so and consequently the regulator initiated redemption proceedings against Vishwamitra International, Vishwamitra India Tour & Hotels and their joint principals.
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