To recover investors’ money, Sebi on Wednesday said it will auction a total of five properties of Golden Life Agro India Ltd and Sunshine Agro Infra Ltd for a reserve price of Rs 11.5 crore on June 16. The two companies raised funds from investors without complying with regulatory norms.
The properties put on the block include land parcels and a double storied building situated across West Bengal, the Securities and Exchange Board of India (Sebi) said in a notice. Inviting bids for the sale of recovery proceedings against Golden Life Agro India and Sunshine Agro Infra and their directors, Sebi said auction of the properties will be conducted through online mode on June 16, 2022 during 10.30 am to 11.30 am.
Out of the five properties being put on the block, three belong to Golden Life Agro India and remaining two relate to Sunshine Agro Infra. Total reserve price of these properties is pegged at Rs 11.53 crore, as per the notice. Quikr Realty has been appointed as the e-auction service provider.
The regulator said the bidders should make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others, prior to submitting their bids.
“The properties are being sold with all the existing and future encumbrances whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims/rights/dues, etc,” the notice said.
Sebi had earlier attached some of their properties after directives asking them to refund investors’ money along with interest did not materialise. In this matter, the watchdog had also attached demat and bank accounts.
Golden Life Agro raised Rs 11.3 crore from 24,915 investors through the issuance of non-convertible debentures by way of private placement and Sunshine Agro Infra garnered funds from issuing redeemable preference shares to investors in 2011-12.
The two companies were engaged in fund mobilizing activity through issue of securities to more than 49 persons without complying with the provisions of the Companies Act, 1956. In June 2015, Sebi had directed Golden Life Agro India and its directors to refund the money raised from investors along with interests.