SEBI sells 2 properties for Rs 2 Cr

By Accommodation Times Bureau


In a move to recover money of investors’, the market regulator Securities Exchange Board of India (SEBI) in the Pancard Clubs case has sold properties of over Rs 2 crore.

According to two different SEBI orders, the property in Mumbai is sold at Rs 1.34 crore and Rs 68.09 lakh in Panvel.

Dilip Dipchand Manwani and Dimple Barola have purchased the properties in Panvel and Mumbai.

SEBI said Barola and Manwani have paid the full bid amount to regulator within the time frame.

Dimple Barola has paid the full bid amount of Rs 1.33 crore with 1 percent poundage fee, which comes to Rs 1.34 crore, it said.

Dilip Manwani has also paid the total amount 68.09 lakh including 1 percent poundage fee, it added.

The company via its illegal collective investment schemes from over 51,55,000 investors it mobilised over Rs 7,000 crore.

SEBI in February 2016 directed to repay money of investor in which it failed and in April 2018 SEBI issued the notice of sale of the firm properties.

SEBI has sold many properties of several firms to repay the money of investors.

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