NEW DELHI: In order to recover over Rs 7,000 crore of investors money, Securities and Exchange Board of India (SEBI) is all set to auction 24 properties of Pancard Clubs and its late chairman and MD Sudhir Moravekar, next month at a reserve price of Rs 2,087 crore.
The market regulator, in a notice issued on Monday, said SBI Capital Markets will auction ten properties of Pancard Clubs and three properties of its late CMD on May 9.
At least 33 properties of the firm, which allegedly duped over 50 lakh investors, were auctioned with a combined reserve price of more than Rs 800 crore between December 2017 and March 2018.
The recent list of properties listed for sale includes a four-star hotel, resorts, land parcels, office spaces and shops in Maharashtra, Karnataka, West Bengal, Madhya Pradesh, Tamil Nadu and Kerala.
SEBI said the bidders should make their own independent enquiries regarding nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities of the properties put under auction before submitting their bids.
In February 2016, SEBI had directed the Mumbai based company to refund investors over Rs 7,000 crore which it raised through illegal collective investment schemes (CIS). Reports suggest that out of nearly 51 lakh investors, over 2 7 lakhs are from Maharashtra.