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SEBI To Auction Properties Of MPS Group Firms, 5 Others On To Recover Investors’ Money
Sebi says in a notice that these companies had raised funds from investors without complying with regulatory norms
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The Securities and Exchange Board of India (SEBI) on Tuesday said it will auction 22 properties belonging to companies of MPS Group, Tower Infotech and four others on March 3 for a reserve price totaling Rs 91 crore in a bid to recover investors’ money.
Apart from MPS Group and Tower Infotech, the regulator has put on block properties of Vibgyor Group, Prayag Group, Multipurpose BIOS India Group and Waris Finance International Group.
Of the 22 properties, 11 belong to the MPS Group of companies; 3 each relate to Multipurpose BIOS India Group and Vibgyor Group of companies; two each are of Prayag Group of companies and Tower Infotech Group of firms; and one property of Waris Finance International Group.
The Securities and Exchange Board of India (Sebi) said in a notice that these companies had raised funds from investors without complying with regulatory norms.
The 22 properties to be auctioned include land parcels, storied buildings, flats and a commercial space, situated across West Bengal, Inviting bids, Sebi said the auction of the properties will be conducted online mode on 3 March from 11 am to 1 pm.