Looking to recover over Rs 7,000 crore of investor money from Pancard Clubs, markets regulator Sebi has put up for sale the company's luxury vehicles and properties.
Looking to recover over Rs 7,000 crore of investor money from Pancard Clubs, markets regulator Sebi has put up for sale the company’s luxury vehicles and properties. The regulator had auctioned at least 77 properties between December and June with a combined reserve price of more than Rs 4,500 crore. In a notice issued today, Sebi said it will auction 43 properties of Pancard Clubs as well as five vehicles, including Mercedes Benz, Toyota Innova and Hyundai Verna, owned by the company.
The properties listed for the sale mostly include hotels, resorts, bunglows, a flat, land parcels and office space.
These assets are located in Maharashtra, Karnataka, Gujarat, Haryana, Uttarakhand, Goa, West Bengal, Madhya Pradesh, Tamil Nadu and Kerala.
As per the notice, vehicles would be auctioned on August 2. However, the regulator has not mentioned the auction date for properties. The move comes after Pancard Clubs had failed to comply with Sebi’ order passed in February 2016 that had directed the company to refund investors over Rs 7,000 crore.
The company had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes.