Capital markets regulator Sebi said on Friday that it had listed up to 54 properties from Royal Twinkle Star Club and Citrus Check Inns for auction on November 27 at a reserve price of Rs 259 crore.
The move is part of Sebi’s efforts to recover money worth thousands of rupees raised by companies disguised as “timeshare” holiday plans.
In a notice on Friday, the Securities and Exchange Board of India (SEBI) said 54 of the corporate properties will be auctioned on November 27 at a reserve price of Rs 259 crore.
She added that the auction will be held online.
Real estate to be put under the hammer includes equity investments, office buildings, apartments, plots of land, shop and parking area. These properties are located in Maharashtra, Gujarat, Daman, Dadra and Nagar Haveli.
In addition, the regulator will auction office furniture, electronic equipment and computers from the Royal Twinkle Star Club and Citrus Check Inns.
From November 2019 to September 2021, more than 169 corporate properties were auctioned off at a reserve price of around Rs 960 crore.
The move followed a December 2019 Supreme Court order that directed the Sale Control Committee, chaired by retired judge JP Devdar, to proceed with the sale of 114 corporate properties within six months.
In December 2018, Sibi fined Citrus Check Inns 50,000 rupees and its managers for not complying with its order, as it prevented them from collecting money from the public.
Sebi has received several investor complaints against Citrus alleging that the directors of the Royal Twinkle now operate the Collective Investment Scheme (CIS) through Citrus.
In August 2015, the regulator placed a four-year ban on the Royal Twinkle and its four directors for illegally collecting more than 2,656 crore in ‘timeshare’ sham holiday plans.
Besides, the company and its officials have directed to refund the money along with the promised returns to the investors within three months.