Sebi to auction Asurre Agrowtech’s properties to recover investors’ money

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Published: July 30, 2020 5:30 PM

In a notice, Securities and Exchange Board of India (Sebi) said it will auction 18 properties of the company on August 30 at a reserve price of Rs 20.81 crore.

Earlier in May, Sebi had asked Asurre Agrowtech's investors, who had already submitted claim form, to deposit original proof of investment immediately.Earlier in May, Sebi had asked Asurre Agrowtech’s investors, who had already submitted claim form, to deposit original proof of investment immediately.

Markets regulator Sebi on Thursday said it has lined up as many as 18 properties of Asurre Agrowtech Ltd for an auction on August 30 at reserve price of nearly Rs 21 crore.

The move is part of Sebi’s effort to recover funds raised by the company through unauthorised investment scheme.

In a notice, Securities and Exchange Board of India (Sebi) said it will auction 18 properties of the company on August 30 at a reserve price of Rs 20.81 crore.

The properties to go under the hammer include land parcels in Tamil Nadu.

The markets watchdog said it has engaged Jones Lang LaSalle Property Consultants (India) Private Limited to assist it for sale of the properties of the company through e-auction platform.

Earlier in May, Sebi had asked Asurre Agrowtech’s investors, who had already submitted claim form, to deposit original proof of investment immediately.

Sebi, in November 2019, had asked investors — who had invested in the unregistered CIS (collective investment scheme) floated by Asurre Agrowtech Ltd (AAL) — to submit their claims along with the original proof of investment in the company.

The regulator, which is in the process of auctioning the attached properties of AAL, had said the same is being delayed due to the present lockdown situation owing to COVID-19 pandemic.

“Sebi shall endeavour to complete the refund process within six months subject to recovery of money from AAL and/or its directors including through proceeds realised from the sale of attached properties of AAL,” it had added.

As on April 30, 2020, as many as 8,367 investors of the company submitted claim form.

In May 2016, Sebi had asked Asurre Agrowtech and its directors to refund investors money, which was raised through illegal investment schemes in three months.

The company had mobilised a total of Rs 69.30 crore through various investment plans under schemes of purchase of livestock/poultry.

The firm had claimed that it has refunded Rs 11.74 crore as on December 31, 2015 and has to refund Rs 57.55 crore. However, it did not provide any verifiable proof regarding its claim.

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