Sebi to auction 4 properties of Pancard Clubs

Sebi to auction 4 properties of Pancard Clubs
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NEW DELHI: Looking to recover over Rs 7,000 crore of investors’ money in the Pancard Clubs case, markets regulator Sebi has decided to auction four properties of the company, in December, for a total reserve price of over Rs 270 crore.

The auction of the properties, spread across Maharashtra, and Goa, include a four star hotel and office units, will be conducted on December 7, Sebi said in a notice today.

Total reserve price of these properties is pegged at Rs 270.51 crore.

The regulator has engaged SBI Capital Markets to assist it for sale of these properties.

The market watchdog said the bidders should make their own independent enquiries regarding the encumbrances, litigation, attachments, acquisition and liabilities of the property put on auction prior to 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/dues, etc,” as per the notice.

Earlier in May, Sebi had invited bids for sale of shares held by the company and its directors.

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

PTI