To recover investors’ money, markets regulator Sebi has lined up as many as 18 properties of MPS Greenery Developers for an online auction next month at a total reserve price of over Rs 67 crore.
This is in addition to the 18 properties auctioned in February and 14 assets in June last year.
The Securities and Exchange Board of India (Sebi) has initiated the process for sale of assets of the company, as per an order by the Calcutta High Court.
Justice Sailendra Prasad Talukdar has been appointed as the one-man committee for liquidating the assets of MPS Group of companies and repaying the investors. Subsequently, the committee directed Sebi to proceed with auction of select properties of MPS Group.
SBI Capital Markets has been engaged by Sebi to assist in sale of the properties through e-auction platform on as is where is and whatever there is basis.
The West Bengal-based firm gathered Rs 1,520 crore from investors through illegal collective investment schemes.
In a notice issued on Friday, the regulator will auction 18 properties on June 19 at a reserve price of over Rs 67 crore.
The property listed for sale include land parcels, buildings, residential flats and commercial space in Kolkata.
Besides, intending bidders can inspect these properties on June 5.
In December 2012, the markets regulator had directed MPS Greenery Developers to close its illicit collective investment schemes and refund investors within one month, failing which proceedings would be initiated against the entity and its senior officials.