Sebi To Auction 22 Properties Of Bishal Group Of Companies, NVD Solar On Aug 14

Adroit Technical Services has been appointed as the e-auction service provider

Updated on: 12 July 2023 4:52 pm

SEBI

Capital markets regulator Sebi on Wednesday said it will auction 22 properties belonging to Bishal Group of companies and NVD Solar on August 14 to recover money illegally collected from investors.

The properties will be auctioned at a reserve price of nearly Rs 37 crore, according to a public notice issued by the Securities and Exchange Board of India (Sebi).

Of the 22 properties, 17 relate to Bishal Group of companies (Bishal Abasan India Ltd, Bishal Distillers Ld, Bishal Agri-Bio Industries Ltd, Bishal Horticulture and Animal Projects Ltd) and five pertain to NVD Solar.

These properties include land parcels, flats and a residential building located in West Bengal.

Inviting bids for the sale of properties in the recovery proceedings against the companies and their promoters and directors, Sebi said the auction will be conducted online on August 14  from 10:30 am to 12:30 pm.

Adroit Technical Services has been appointed as the e-auction service provider.

The regulator has asked the bidders to make their own independent inquiries regarding the encumbrances, title of properties put on auction and claims, among others, before submitting their bids.

According to the regulator, the four firms had mobilised funds by issuing Redeemable Preference Shares (RPS) to more than 49 persons without complying with the public issue norms.

While Bishal Distillers had raised funds to the tune of Rs 4 crore, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects had mobilised Rs 3 crore and Rs 2.84 crore, respectively. The funds were mobilised by the firms between 2006-2014.

Also, Bishal Abasan India raised Rs 2.75 crore by allotting RPS during 2011-12, apart from mopping up Rs 89 crore through issuance of Non-Convertible Debentures (NCDs) during 2012-14.

NVD Solar had raised Rs 595 crore through issuance of fresh equity shares to more than 1 lakh entities during 2012-13 without complying with the regulatory provisions applicable for a public issue.