Capital markets regulator SEBI will auction 27 properties of Rose Valley Group on November 25 to recover funds raised from the public through illegal schemes. The market regulator said on Wednesday that the reserve price of these properties is Rs 63.26 crore. According to PTI news, the Securities and Exchange Board of India (SEBI) said in a public notice that the Rose Valley properties included in this auction include flats, buildings, pieces of land and hotels located in West Bengal and Bihar.
The auction will take place between 11 am and 1 pm
According to the news, the e-auction will be held on November 25 between 11 am to 1 pm. The market regulator said a committee will oversee the sale of the assets and the proceeds will be used to repay investors. This committee was formed after the order of Calcutta High Court in May, 2015. SEBI said that the successful bidder will have to bear the charges/fees payable as per law for transfer of property such as applicable stamp duty/transfer charges, registration expenses, fees etc.
Help to investors who are victims of fake schemes
In August this year, the Enforcement Directorate (ED) has helped recover Rs 19.40 crore to investors who were victims of Rose Valley Group’s fraudulent scheme on the orders of a PMLA court in Kolkata. Earlier in May also, SEBI had auctioned 22 properties of Rose Valley worth Rs 8.6 crore. In June, 2022, SEBI had ordered attachment of bank accounts as well as shares and mutual fund holdings of Rose Valley Hotels & Entertainment Ltd and its then directors to recover dues of over Rs 5,000 crore from investors.
