SEBI extends property public sale of Mega Mould, Remac Realty until August 31

SEBI has given time until August 31 to public sale the properties of two firms Mega Mildew India and Remac Realty India to get better the cash raised illegally by them.

Earlier the public sale was to be held on August 18.

Nonetheless, protecting in view the pursuits of the expressed bidders for inspection of properties by website visits and submission of bids, it has been determined to increase the final date of e-auction until August 31, Securities and Trade Board of India (SEBI) mentioned. mentioned in a discover on Thursday.

The regulator will public sale a complete of 4 properties of those two corporations at a complete reserve value of Rs 4.05 crore. The public sale shall be carried out on-line from 1030 hrs to 1230 hrs.

Of the 4 properties, three belong to Mega Mildew and the remaining one belongs to Remac Realty. These properties embody flats, a land parcel and a utility room situated in West Bengal.

Final month, the regulator had issued a discover on the market of immovable properties of Mega Mildew and Remac Realty and their promoters or administrators, fixing August 11 because the final date for submission of bids. Now, the regulator has prolonged the date to August 29.

Adroit Technical Companies has been appointed because the e-auction service supplier.

The bidders must make their very own impartial inquiry relating to the encumbrance, title and claims of the properties put up for public sale earlier than submitting their bids.

An investigation by the regulator discovered that Mega Mildew raised Rs 888 crore by issuing non-convertible debentures (NCDs) with out complying with the regulatory provisions relevant for public subject, whereas Remac Realty was concerned in unlawful mobilization of funds from the general public . Collective Funding Schemes (CIS) with out acquiring Certificates of Registration from SEBI.

The regulator had directed Mega Mildew and Remac Realty in addition to their respective administrators to refund the cash collected by each the corporations by separate orders handed in March 2015 and March 2020 respectively. As well as, firms and their administrators had been banned from the securities marketplace for at the very least 4 years.

(Solely the title and picture of this report might have been reworked by Enterprise Customary employees; the remainder of the content material is generated robotically from a syndicated feed.)

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