look news india
New Delhi, June 10 (HS). Market regulator Securities and Exchange Board of India (SEBI) will auction 22 properties of seven companies on July 8 to recover money from investors who have raised money illegally.
Market regulator SEBI said in a statement issued on Monday that 22 properties of seven companies that raised money from investors in an illegal manner will be auctioned on July 8 to recover the money. SEBI said that seven companies including Pylon Group, Vibgyor Group and GBC Industrial Corp are involved in the case of illegally collecting money from investors. These also include Tower Infotech Group, Waris Group, Teachers Welfare Credit and Holding Group and Annex Infrastructure India Limited.
SEBI has started the process of selling 22 properties of these companies in accordance with the order of the Calcutta High Court. For this, a one-member committee has been formed under the chairmanship of Justice Shailendra Prasad Talukdar. The market regulator said that these properties include plots and a flat in West Bengal. The auction of these properties has been organized online on July 8 from 11 am to 1 pm. It will be auctioned at a reserve price of Rs 45.47 crore. In fact, these firms had raised money from investors without following regulatory norms.
