SEBI to auction 61 plots of Saradha Group to return money to investors

Kolkata, June 13 Capital markets regulator Securities & Exchange Board of India (SEBI) has said that it will auction 61 plots of Saradha Group and the proceeds of the auction will be distributed among the duped investors who lost their hard-earned money by investing in the multi-level marketing schemes of the said entity.

A notification on this count was issued by the SEBI on Monday, a copy of which is available with .

As per the notification, the market regulator is arranging for the auction following a direction of the one- man committee of Justice SP Talukdar.

"Accordingly, Quikr Realty Ltd (hereafter 'Quikr'/'the Agency') has been engaged by SEBI to assist it in sale of the properties mentioned herein on "as is where is and whatever there is" basis. M/s C1 India has been appointed as the e-auction provider and online registration & e-auction will be conducted through www.quikrrealty.com/e-auction. Intending bidders are invited to submit their bid(s) along with an amount equivalent to 10 per cent of the Reserve Price as Earnest Money for each of the properties to be paid through EFT/NEFT/RTGS for the sale of following properties," the notification has read.

SEBI has also given a list of these 61 plots of land, majority of which are located in West Bengal. The estimated market price of the land is around Rs 25 crore which has been fixed as the base price of the auction.

Starting from 2012, i.e. a year after the Mamata Banerjee-led and Trinamool Congress-run regime came to power in West Bengal ending the 34-year Left Front rule, the state recorded ponzi schemes, the prime of which were Saradha Group and Rose Valley Group.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor