Sebi extends auction date to Aug 31 for properties of 7 companies

New Delhi: Sebi on Thursday extended the auction of 15 properties belonging to seven companies, including Sunheaven Agro India and RaviKiran Realty India, along with that of promoters and directors, to August 31 to recover money illegally collected from investors.

The other firms whose properties will be auctioned are: Infocare Infra, Bharat Krishi Samridhi Industries Ltd, GSHP Realtech Ltd, Just-Reliable Projects India Ltd, and Newland Agro Industries Ltd.

Considering that the interested bidders asked for more time, it has been decided to extend the last date of auction to August 31 from August 21 earlier, according to a public notice issued by the Securities and Exchange Board of India (Sebi).

The properties will be auctioned at a reserve price of Rs 13 crore. These assets include land parcels and a residential building located in West Bengal.

Of the 15 properties, four are related to Bharat Krishi Samriddhi Industries, three each of Just-Reliable Projects India and Newland Agro Industries, two related to Sunheaven and one each of RaviKiran Realty India, Infocare Infra and GSHP Realtech.

These seven companies had collected money from investors without complying with the public issue norms as the shares were issued to more than 50 individuals.

Under the norms, a firm is required to list its securities on the recognised bourse. It is also required to file a prospectus, among other things.

Going by Sebi's earlier orders, Sunheaven allotted redeemable preference shares (RPS) to about 7,772 investors and mobilised Rs 11.54 crore between 2009-10 and 2012-13 and RaviKiran raised funds by issuing RPS to 1,176 individuals.

Further, GSHP Realtech collected money from 535 individuals in 2012-13 by issuing Non-Convertible Redeemable Debentures (NCDs), Infocare Infra mopped up Rs 98.35 lakh by allotting NCDs to 90 investors and Bharat Krishi garnered funds from the public through issuance of RPS and NCDs in 2012 and 2013.