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SEBI to auction Sai Prasad Group’s 67 properties next month

Markets regulator will auction 67 properties of Sai Prasad Group of firms and three of its directors next month in order to recover funds worth thousands of crores raised by the entity through illicit collective investment schemes.

The move comes after Securities and Exchange Board of India (SEBI) last month auctioned 69 properties of the group’s companies and their directors.

Among the companies whose properties will be auctioned are Sai Prasad Foods, Sai Prasad Corporation and Sai Prasad Properties, while the directors include Balasaheb Bhapkar, Shashank Bhapkar and Vandana Bhapkar, Sebi said in a notice issued on Thursday.

The properties to go under the hammer include agricultural land, land parcels, office space, flats and commercial premises across Maharashtra.

A number of orders have been passed against the Maharashtra-based entity and some of its directors in the recent years for recovery of thousands of crores of rupees that they collected through illicit collective investment schemes.

SEBI has engaged HDFC Realty to assist it for sale of the 67 properties and fixed a total reserve price of over Rs 11 crore for them. The auction will be conducted on June 14, as per the notice.

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 these properties put on auction.

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