Capital markets regulator Sebi on Wednesday mentioned it’s going to public sale 27 properties of Rose Valley group of corporations on November 25 at a reserve value of Rs 63.26 crore in a bid to get well cash raised by the agency from the general public by means of illicit schemes. The properties to go below the hammer embrace flats, buildings, land parcels and lodges positioned in West Bengal and Bihar, the Securities and Change Board of India (Sebi) mentioned in a discover.
The e-auction can be carried out on November 25 between 11 am to 1 pm. The entire reserve value of those properties is pegged at Rs 63.26 crore, it added.
The markets regulator mentioned it has engaged Quikr Realty to help it in sale of the properties of Rose Valley whereas C1 India has been appointed because the e-auction service supplier.
A committee would oversee sale of the property and the cash can be utilised for repaying the buyers. The committee was fashioned following an order handed by Calcutta Excessive Court docket in Might 2015.
Going by the discover, bidders might take part within the e-auction on-line from India or exterior India.
Subsequently, the intending purchaser will take part within the e-auction on his personal behalf and no third-party intervention, like authorised agent/consultant, could be permitted.
The profitable bidder shall bear the fees/ payment payable as per legislation for conveyance of property equivalent to relevant stamp duties/ switch expenses, registration bills, charges, and so on. For switch of the property in his / her title. All taxes shall be borne by the purchaser.
In August this 12 months, the Enforcement Directorate (ED) has facilitated the restitution of Rs 19.40 crore to the defrauded buyers of the Rose Valley Group Ponzi scheme on the orders of a particular PMLA court docket in Kolkata.
Previous to that in Might, Sebi had auctioned 22 properties of Rose Valley value Rs 8.6 crore.
In June 2022, Sebi had ordered attachment of financial institution accounts in addition to shares and mutul fund holdings of Rose Valley Accommodations and Leisure Ltd and its then administrators to get well buyers’ dues totalling greater than Rs 5,000 crore.
This got here after they did not adjust to Sebi instructions to refund the buyers cash. In November 2017, the regulator had ordered Rose Valley and its then administrators to refund 1000’s of crores to buyers who had parked cash in vacation membership plans of the group because it declared these schemes as unlawful.
The varied plans have been provided by the agency with a promise of return to qualify as collective funding scheme (CIS).
In the meantime, the Enforcement Directorate (ED) in March 2023, revealed that property value round Rs 150 crore have been connected below the anti-money laundering legislation as a part of an investigation towards the Rose Valley Group.
As per the ED, funds have been collected by promoting “pretend and fabricated” schemes by means of a sequence of brokers positioned in Assam, West Bengal, Tripura, Odisha, Jharkhand and a number of other different states.
