Informative

Sebi to auction 19 properties of KBCL India to recover investors' money

Update / Judgement Date

12 Jun 2024

Source

Business Standard

Author

Team — WCP Legal Desk

Reading Time

1 min read

SEBI & SCRA

The Securities and Exchange Board of India (Sebi) has scheduled an auction for 19 properties of KBCL India Ltd on July 16 to recover funds collected unlawfully from investors. \r

Sebi initiated the auction process after KBCL India Ltd and its directors—Rakesh Kumar, Vishvnath Pratap Singh, and Shashi Kant Mishra—failed to refund investors' money. The properties, including land parcels and a plot in Uttar Pradesh, will be auctioned with a reserve price of Rs 3.54 crore. \r

Quikr Realty and C1 India have been appointed by Sebi to manage the auction and e-auction services respectively. Potential bidders are advised to conduct their own due diligence regarding encumbrances and legal status of the properties before bidding. \r

The online auction will be conducted from 11 am to 1 pm on July 16, 2024, as part of Sebi's efforts to recover Rs 118.69 crore raised through unapproved Collective Investment Schemes by KBCL India Ltd.

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Sebi to auction 19 properties of KBCL India to recover investors' money

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