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Sebi to auction Ravi Kiran Realty’s properties on January 28, Real Estate News, Realty Beat

Sebi to auction Ravi Kiran Realty's properties on January 28, Real Estate News, ET RealEstate
NEW DELHI: Markets regulator Sebi on Friday said it will auction two properties of Ravi Kiran Realty India Ltd and its promoters on January 28 to recover investors’ money. The properties, located in West Bengal, will be auctioned at a reserve price totalling Rs 2.16 crore, the Securities and Exchange Board of India (Sebi) said in a notice.

Inviting bids for the sale of these properties, Sebi said the auction will be conducted through the online mode on January 28 from 10.30 am to 11.30 am.

The regulator has asked the intending bidders to make their own independent enquiries regarding the measurement, nature, type, classifications, encumbrances, litigations, attachments and liabilities of the properties put on auction.

In November 2021, Sebi had announced that it will auction four properties of Ravi Kiran Realty India and its promoters in December. Prior to this, the regulator had said in October 2020 that it will auction properties of the company in November of the same year.

The company had raised funds by issuing redeemable preference shares (RPS) to 1,176 people without complying with the public issue norms.

Under the norms, the firm is required to list its securities on the recognised bourse as the shares were issued to more than 50 persons. It was also required to file a prospectus, among other things, which it failed to do.

In March 2016, Sebi had ordered the company to refund investors’ money.

However, it failed to do so and consequently, the regulator initiated recovery proceedings against the company and its promoters or directors.


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