Auction of 22 properties of Rose Valley Group on May 20 URL text

– SEBI took decision to return investors’ money

Kolkata. The Securities and Exchange Board of India (SEBI) will auction 22 properties of Rose Valley Group companies to recover money raised from people through illegal schemes. The reserve price for this auction to be held on May 20 has been kept at Rs 8.6 crore. SEBI said in a notice on Monday that the properties that will be auctioned include flats and office spaces in West Bengal.

The e-auction will be held on May 20 between 11 am to 1 pm. The total reserve price of these properties has been kept at Rs 8.6 crore. The Securities and Exchange Board of India said it has roped in Quikr Realty to help in the sale of properties. The committee will oversee the sale of assets and the money will be used to pay investors. The committee was formed following an order of the Calcutta High Court passed in May 2015. According to the notice, bidders should obtain complete information regarding encumbrances, legal disputes, attachments and liabilities of the properties put up for auction before submitting their bids. The regulator has asked Rose Valley Hotels & Entertainment Ltd to recover total dues of more than Rs 5,000 crore from investors by June 2022. And ordered to attach the bank accounts as well as share and mutual fund holdings of its then directors. The step was taken after it failed to comply with SEBI’s directions to return money to investors.

It is noteworthy that in November 2017, the regulator had ordered Rose Valley and its then directors to return thousands of crores of rupees to investors who had invested in the group’s illegal schemes. The Enforcement Directorate (ED) revealed in March 2023 that assets worth about Rs 150 crore had been attached under the Anti-Money Laundering Act as part of its investigation against Rose Valley Group. According to the ED, money was raised through fake schemes through agents in Assam, West Bengal, Tripura, Odisha, Jharkhand and many other states.

Assets of other seven companies will also be auctioned

Market regulator SEBI on Monday said it will auction 30 properties on May 15 to recover money illegally collected from investors. Among the companies whose assets will be auctioned, there are seven companies including Mangalam Agro Products and Purushattam Infotech Industries. The auction will be conducted at a reserve price of approximately Rs 25.64 crore. Other companies include Bishal Group of Companies, NVD Solar Limited, Sun Plant Business, Sumangal Industries Limited. And life partner dream projects. The properties that SEBI will auction include land, land with buildings and flats in West Bengal and Odisha. SEBI invites bids for sale of assets to recover amount against Mangalam Agro Products, Purushattam Infotech Industries, Jeevan Sathi Dream Projects, Sun Plant Business, Vishal Group, Sumangal Industries and NVD Solar as well as their promoters/directors Are.