Sebi to auction properties of Sunheaven Agro on January 18

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December 28, 2020 2:21 PM

Sunheaven Agro had garnered funds from more than 7,700 investors through issuance of redeemable preference shares without complying with public issue norms.

sebi, marketsIn October 2016, Sebi had ordered KKDIL Nidhi,and its directors to refund investors' money, along with an interest of 15 per cent per annum , within three months.

Markets regulator Sebi will auction properties of Sunheaven Agro India Ltd on January 18 at a reserve price of Rs 9.4 crore in order to recover investors’ money.

Sunheaven Agro had garnered funds from more than 7,700 investors through issuance of redeemable preference shares without complying with public issue norms.

In a notice on Sunday, the Securities and Exchange Board of India (Sebi) said it will auction two properties of the company at a reserve price of Rs 9.4 crore. The auction will be conducted online on January 18, 2021 between 10:30 am to 11:30 am.

The properties to be auctioned are land parcels and a building in Kolkata. Mamta Binani, insolvency professional, has been engaged by Sebi to assist it in the e-auction and e-Procurement Technologies Limited has been appointed as the e-auction service provider.

In October 2015, the markets watchdog asked Sunheaven Agro and its directors to refund the money collected from investors along with 15 per cent annual interest.

Sebi had found that Sunheaven Agro issued and allotted redeemable preference shares to about 7,772 investors and mobilised an amount of Rs 11.54 crore between 2009-10 and 2012-13.

Further, Sebi had barred the company and its directors from the securities markets for four years and had said that the ban will continue till completion of refunds to investors.

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