The market regulator Securities and Exchange Board of India (SEBI) has lined 11 properties of Pancard Clubs and its late CMD for looking recovery over Rs 7,000 crore of investors’ money via e-auction next month.
Authority will auction at a total reserve price of Rs 253 crore.
This is in addition to 11 properties of the company that were auctioned in December as well as on January 10 and their combined reserve price was Rs 552 crore.
SBI Capital Markets will auction one property of late CMD Sudhir Moravekar and 10 properties of Pancard Clubs on February 14 at a reserve price of Rs 253 crore, Sebi said in a notice.
According to Sebi, “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.”
Sebi had directed the company in February 2016 for the refund of over Rs 7,000 to investors which were raised via illegal collective investment schemes (CIS), However, the company fail to comply with Sebi’s direction.
Through various holiday schemes, Pancard Clubs had mobilised Rs 7,035 crore from over 51, 50,000 investors from 2002-03 to 2013-14.