Sebi's Crackdown: Rose Valley Properties Under the Hammer
Markets regulator Sebi is set to auction 30 properties associated with the Rose Valley group on June 27 to recover funds obtained from illicit schemes. The properties, including resorts and plots across several states, are valued at Rs 409 crore. Sebi's efforts follow a court directive to repay investors.
- Country:
- India
In a decisive move, the Securities and Exchange Board of India (Sebi) announced the auctioning of 30 properties linked to the Rose Valley group, aiming to recover public funds raised through illegal schemes. The auction is slated for June 27, with a reserve price of Rs 409 crore.
According to Sebi's notice, properties up for auction span across West Bengal, Andaman and Nicobar Islands, Tripura, and Bihar, comprising resorts, flats, hotels, and amusement parks. This comes following a directive from the Calcutta High Court to compensate investors defrauded by the group.
The auction will be conducted online, with Sebi enlisting C1 India for e-auction services and Quikr Realty for property sale facilitation. Past auctions have targeted other properties of the Rose Valley group, as directed by both Sebi and the Enforcement Directorate in ongoing efforts to return investor funds.
(With inputs from agencies.)
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- Sebi
- auction
- Rose Valley
- properties
- investors
- court
- illegal schemes
- e-auction
- West Bengal
- real estate
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