Sebi to auction 17 properties of MPS Group on Feb 25

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Updated: January 24, 2019 2:15:51 PM

In a notice, the Securities and Exchange Board of India (Sebi) said 17 properties of the group will be auctioned on February 25, at a reserve price of Rs 64.50 crore.

Sebi to auction 17 properties of MPS Group on Feb 25 (Reuters)

Market regulator Sebi Thursday said it has lined up as many as 17 properties of the West Bengal-based MPS Group of companies for an online auction next month at a total reserve price of about Rs 65 crore. This sale is in addition to over 30 properties of the group auctioned in June 2017 and February 2018 and is part of Sebi’s efforts to recover money.

In a notice, the Securities and Exchange Board of India (Sebi) said 17 properties of the group will be auctioned on February 25, at a reserve price of Rs 64.50 crore. The properties listed for sale include land parcels, buildings, residential flat and commercial space in Kolkata.

SBI Capital Markets has been engaged by Sebi to assist it for sale of the properties through the e-auction platform. MPS Group of companies includes MPS Greenery Developers that collected Rs 1,520 crore from investors through illegal collective investment schemes (CIS).

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The regulator initiated the process for sale of assets of the group, as per an order from the Calcutta High Court. Justice Sailendra Prasad Talukdar has been appointed as one-man committee for liquidating the assets of the MPS Group of companies and repaying the investors.

In December 2012, Sebi had directed MPS Greenery Developers to close its illicit CIS and refund investors within one month, failing which proceedings would be initiated against the entity and its senior officials. Later in October 2013, the regulator had ordered attachment of over 50 bank accounts of MPS Greenery Developers.

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