Sebi to public sale properties of MPS group companies, 4 others to get better traders’ cash

Sebi had earlier hooked up a few of their properties after directives asking them to refund traders’ cash together with curiosity didn’t materialize.
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To get better traders’ cash, capital markets regulator Sebi on Monday mentioned it would public sale properties belonging to firms of MPS Group, Vibgyor Group, Prayag Group, Pailan Group, and Multipurpose BIOS India Group on June 30 for a reserve worth of almost Rs 64 crore.

These firms had raised funds from traders with out complying with regulatory norms.

The 20 properties placed on the block, which embody land parcels, storied buildings, an workplace house, a industrial house, and a flat, are located throughout West Bengal, the Securities and Change Board of India (Sebi) mentioned in a discover.

Inviting bids, Sebi mentioned an public sale of the properties can be performed on-line mode on June 30 from 11 AMto 1 PM.

Out of the properties being placed on the block, 13 belong to the MPS Group of firms, 3 relate to Multipurpose BIOS India Group of firms, 2 belong to the Vibgyor Group of firms, and one every of the Prayag Group of firms, and Pailan Group of firms.

The entire reserve worth of those properties is pegged at about Rs 64 crore, as per the discover.

Quikr Realty has been engaged by Sebi to help it within the sale of the properties.

The regulator mentioned the bidders ought to make their unbiased inquiries relating to the encumbrances, title of properties placed on public sale, and claims, amongst others, earlier than submitting their bids.

”The properties are being bought with all the prevailing and future encumbrances whether or not identified or unknown to Sebi. Sebi shall not be accountable in any method for any third social gathering claims/rights/dues, and so forth,” the discover mentioned.

Sebi had earlier hooked up a few of their properties after directives asking them to refund traders’ cash together with curiosity didn’t materialize. On this matter, the watchdog had additionally hooked up demat and financial institution accounts. MPS Group of firms consists of MPS Greenery Builders that collected Rs 1,520 crore from traders by unlawful Collective Funding Schemes (CIS).

Vibgyor Allied Infrastructure had issued optionally absolutely convertible debentures to 49,562 traders in 2009 and raised Rs 61.76 crore, and Pailan Group of firms had mopped-up Rs 83.42 crore by issuing non-convertible debentures to 23,685 individuals between 2010-11 and 2014-15, Prayag Infotech had made a proposal of redeemable choice between 2007-2008 and 2011-12 and mobilized a minimum of Rs 131.37 crore from over 1.57 lakh traders, and Multi-Function Bios collected Rs 5.97 crore from greater than 1,460 individuals by redeemable choice shares between the monetary 12 months 2007-08 and 2011-12.

These 4 firms had been engaged in fund mobilizing exercise by the problem of securities to greater than 49 individuals with out complying with the provisions of the Firms Act, 1956.

(With PTI inputs)

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