SEBI to e-auction MPS Groups 18 properties next month

sebiBy Accommodation Times Bureau


To recover money from the group the regulator body Securities and Exchange Board of India (Sebi) said today it has lined up 18 properties of MPS Group of companies’ for an online auction next month at a total reserve price of over Rs 67 crore.

This is in addition to 14 properties of the group that were scheduled to be auctioned in June last year and their combined reserve price was over Rs 54 crore.

SBI Capital Markets will auction 18 properties on February 6 at a reserve price of over Rs 67 crore, said Sebi in a notice.

The assets listed for sale include commercial space, residential flats, buildings and land parcels in Kolkata.

MPS Group of companies includes MPS Greenery Developers that collected Rs 1,520 crore from investors through illegal collective investment schemes (CIS).

As per an order from the Calcutta High Court, the regulator has initiated the process for sale of assets of the group.

For liquidating the assets of the MPS Group of companies and repaying the investors, Justice Sailendra Prasad Talukdar has been appointed as the one-man committee.

Sebi had directed MPS Greenery Developers in December 2012, to close its illegal CIS and refund investors within one month, failing which proceedings would be initiated against the entity and its senior officials.

Later on, the regulator had ordered attachment of over 50 bank accounts of MPS Greenery Developers in October 2013.


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