19 properties of KBCL India will be auctioned by SEBI
14 Jun 2024
2 Min Read
CW Team
In an effort to recoup funds that were improperly taken from investors, capital markets regulator Sebi has scheduled an auction for July 16 for 19 of KBCL India Ltd.'s properties. The action is a component of Sebi's attempt to get investors' money back. Following the failure of KBCL India Ltd. and its directors, Rakesh Kumar, Vishvnath Pratap Singh, and Shashi Kant Mishra, to return investors' money, the regulator has started the asset sale procedure. The Securities and Exchange Board of India (Sebi) sent a notice on Wednesday stating that the assets, which comprise land parcels and a plot in Uttar Pradesh, will be auctioned off at a reserve price of Rs 35.4 million each. Sebi has contracted with Quikr Realty to help with property sales, and C1 India has been appointed as the e-auction service provider.
In accordance with the notification, the regulator advised buyers to, before placing their offer, conduct their own independent research on the liens, lawsuits, attachments, and liabilities associated with the property up for sale. In the recovery proceedings against KBCL India Ltd. and its directors, Rakesh Kumar, Vishvnath Pratap Singh, and Shashi Kant Mishra, the market watchdog is seeking offers for the sale of properties.
According to Sebi, the online auction will take place on July 16 from 11 a.m. to 1 p.m. Investor funds were embezzled by KBCL India Ltd., which did not adhere to regulatory standards. The market watchdog banned KBCL India Ltd. and its directors from soliciting public donations in May 2014.
KBCL, formerly known as Kalpataru Biotech Corporation, was operating a Collective Investment Scheme (CIS) without the necessary permissions and registration from the market regulator, according to Sebi's investigation. As KBCL's directors, Kumar, Singh, and Mishra were also accountable for the company's transgressions. As of March 31, 2012, KBCL India Ltd. had raised a total of Rs 1.18 billion.
"The successful bidder will pay the fees and charges required by law for the transfer of the property into his or her name. The purchaser must engage in the e-auction on his or her own behalf; no third-party participation, such as an authorised agent or representative, will be allowed. The note said that the buyer was responsible for paying all taxes.
In an effort to recoup funds that were improperly taken from investors, capital markets regulator Sebi has scheduled an auction for July 16 for 19 of KBCL India Ltd.'s properties. The action is a component of Sebi's attempt to get investors' money back. Following the failure of KBCL India Ltd. and its directors, Rakesh Kumar, Vishvnath Pratap Singh, and Shashi Kant Mishra, to return investors' money, the regulator has started the asset sale procedure. The Securities and Exchange Board of India (Sebi) sent a notice on Wednesday stating that the assets, which comprise land parcels and a plot in Uttar Pradesh, will be auctioned off at a reserve price of Rs 35.4 million each. Sebi has contracted with Quikr Realty to help with property sales, and C1 India has been appointed as the e-auction service provider.
In accordance with the notification, the regulator advised buyers to, before placing their offer, conduct their own independent research on the liens, lawsuits, attachments, and liabilities associated with the property up for sale. In the recovery proceedings against KBCL India Ltd. and its directors, Rakesh Kumar, Vishvnath Pratap Singh, and Shashi Kant Mishra, the market watchdog is seeking offers for the sale of properties.
According to Sebi, the online auction will take place on July 16 from 11 a.m. to 1 p.m. Investor funds were embezzled by KBCL India Ltd., which did not adhere to regulatory standards. The market watchdog banned KBCL India Ltd. and its directors from soliciting public donations in May 2014.
KBCL, formerly known as Kalpataru Biotech Corporation, was operating a Collective Investment Scheme (CIS) without the necessary permissions and registration from the market regulator, according to Sebi's investigation. As KBCL's directors, Kumar, Singh, and Mishra were also accountable for the company's transgressions. As of March 31, 2012, KBCL India Ltd. had raised a total of Rs 1.18 billion.
The successful bidder will pay the fees and charges required by law for the transfer of the property into his or her name. The purchaser must engage in the e-auction on his or her own behalf; no third-party participation, such as an authorised agent or representative, will be allowed. The note said that the buyer was responsible for paying all taxes.
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