Sebi to auction 22 properties of Bishal Group, NVD Solar on August 14
₹37 crore on August 14 to recover money illegally collected from investors. All the 22 properties—17 properties related to Bishal Group (Bishal Abasan India Ltd, Bishal Distillers Ld, Bishal Agri-Bio Industries Ltd, Bishal Horticulture and Animal Projects Ltd) and five properties belonging to NVD Solar— will be e-auctioned on "as is where is and whatever there is" basis.
These properties include land parcels, flats and a residential building located in West Bengal. Adroit Technical Services has been engaged as the e-Auction Service Provider.
Online registration and e-auction will be conducted through www.adroitvaluations.com. Inviting bids for the sale of properties in the recovery proceedings against the companies and their promoters and directors, Sebi said the auction will be conducted online on August 14 from 10:30 am to 12:30 pm.
The regulator has asked the bidders to make their own independent inquiries regarding the encumbrances, title of properties put on auction and claims, among others, before submitting their bids. The successful bidder shall have to deposit 25% of the successful bid amount (inclusive of EMD amount), immediately after the close of the auction (within 48 hours of receipt of intimation from agency/SEBI declaring them as successful bidder) and the balance amount along with 1% of highest bid amount as poundage fee within 15 (fifteen) days from close of auction.
If the said amount is not paid within the specified time, the cost of the auction shall be recovered from the deposit money and the balance shall be forfeited. According to the regulator, the four firms had mobilised funds by issuing Redeemable Preference Shares (RPS) to more than 49 persons without complying with the public issue norms.
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