Sebi to auction 11 assets of Pancard, reserve price Rs 260 cr


Team Udayavani, Feb 22, 2018, 2:40 PM IST

New Delhi: Looking to recover over Rs 7,000 crore of investors’ money, markets regulator Sebi will next month auction 11 properties of Pancard Clubs and its late CMD at a total reserve price of Rs 260 crore.

This is in addition to 22 properties that were auctioned between December and February with a combined reserve price of Rs 552 crore.

In a notice issued today, the Securities and Exchange Board of India (Sebi) said SBI Capital Markets will auction 10 properties of Pancard Clubs and one property of its late CMD Sudhir Moravekar on March 21 at a reserve price of Rs 259.48 crore.

The properties listed for sale include a four-star hotel, resorts, land parcels, office space and shops in Goa, Maharashtra, Rajasthan and Haryana.

Sebi said the bidders should make their own independent enquiries regarding the “nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities” of the properties put under auction before submitting their bids.

“The properties are being sold with all the existing and future encumbrances, whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims, rights or dues etc,” the regulator added.

The company had failed to comply with Sebi’s direction in February 2016 ordering it to refund to investors over Rs 7,000 crore, raised through illegal collective investment schemes (CIS).

Pancard Clubs had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Nelamangala accident: Police expedite probe, CCTV images being scrutinised

Minister Parameshwara directs police to ensure tight security in Bengaluru on New Year’s eve

Teachings of Lord Christ celebrate love, harmony: PM Modi at Christmas celebrations

Veteran filmmaker Shyam Benegal passes away

Passenger gets back misplaced bag containing valuables worth Rs 20 lakh at Mangaluru airport

Karnataka govt approves 9 industrial projects worth Rs 9,823 Cr

Shami not fully fit yet, ruled out of remaining two Tests in Australia

Related Articles More

Epigamia founder Rohan Mirchandani dies of cardiac arrest at age 42

Lohia Auto launches EV brand ‘Youdha’, aims to sell 3 lakh vehicles by 2027

“FM ji FM ji, itna tax main kaise bharun”, asks investor Vijay Kedia in viral post

RBI: After another status quo year, all eyes on a growth-propping rate cut with new Guv at helm

Front-running case: Sebi bans 9 entities from market , impounds illegal gains of over Rs 21 crore

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Kalaburagi: Woman sustains burns after live electric wire falls on her

Nelamangala accident: Police expedite probe, CCTV images being scrutinised

Rohan Estate Mukka – Resort-style luxury layout launched

Minister Parameshwara directs police to ensure tight security in Bengaluru on New Year’s eve

Teachings of Lord Christ celebrate love, harmony: PM Modi at Christmas celebrations

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.