Synopsis
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.
New Delhi: Markets regulator Sebi on Friday said it will auction eight properties of Vishwamitra International Infra on December 27 to recover investors’ money. These properties will be auctioned at a reserve price totalling Rs 2.8 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 online mode.
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.
Procurement Technologies has been engaged by Sebi to assist it for the sale of the properties.
Vishwamitra International Infra had allotted over 41.5 lakh non-convertible debentures (NCDs) worth Rs 41.61 crore in 2012-13 to Vishwamitra India Tour & Hotels Ltd (its group company), which in turn transferred these NCDs to 83,109 investors, without complying with public issue norms, according to a Sebi order issued in 2016.
As of March 2014, the amount raised through the offer of NCDs by Vishwamitra International Infra was Rs 107 crore.
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 August 2016, Sebi had ordered Vishwamitra International Infra, its group company, and five directors to refund investors’ money in three months, which they had raised by issuing NCDs without complying with the public issue norms.
Besides, barring the firms and their directors for four years, they were asked to refund the money along with an interest of 15 per cent per annum However, they failed to do so, and consequently, the regulator initiated recovery proceedings against Vishwamitra International Infra and Vishwamitra India Tour & Hotels and their common directors.
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SynopsisThe 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.New Delhi: Markets regulator Sebi on Friday said it will auction eight properties of Vishwamitra International Infra on December 27 to recover investors’ money. These properties will be auctioned at a reserve price totalling Rs 2.8 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 online mode. 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. Procurement Technologies has been engaged by Sebi to assist it for the sale of the properties. Vishwamitra International Infra had allotted over 41.5 lakh non-convertible debentures (NCDs) worth Rs 41.61 crore in 2012-13 to Vishwamitra India Tour & Hotels Ltd (its group company), which in turn transferred these NCDs to 83,109 investors, without complying with public issue norms, according to a Sebi order issued in 2016. As of March 2014, the amount raised through the offer of NCDs by Vishwamitra International Infra was Rs 107 crore. 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 August 2016, Sebi had ordered Vishwamitra International Infra, its group company, and five directors to refund investors’ money in three months, which they had raised by issuing NCDs without complying with the public issue norms. Besides, barring the firms and their directors for four years, they were asked to refund the money along with an interest of 15 per cent per annum However, they failed to do so, and consequently, the regulator initiated recovery proceedings against Vishwamitra International Infra and Vishwamitra India Tour & Hotels and their common directors. (What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.) Download The Economic Times News App to get Daily Market Updates & Live Business News….morelessPick the best stocks for yourself Powered by 2 mins read5 mins read3 mins read3 mins read2 mins read2 mins read3 mins read4 mins read