SEBI to auction properties of Pancard Clubs to recover Investors’ money worth 7000 Cr

New Delhi, April 10: In order to recover investors’ money of total sum Rs 7000 CR, markets regulator Sebi will next month auction 24 properties of Pancard Clubs and its late chairman and managing director at a total reserve price of nearly Rs 2,100 crore.

December last year and March saw an auction of at least 33 properties with a combined reserve price of more than Rs 800 crore.

In a notice issued today, the Securities and Exchange Board of India (Sebi) said SBI Capital Markets will auction 10 properties of Pancard Clubs and three properties of its late CMD Sudhir Moravekar on May 9 at a reserve price of Rs 2,087 crore.

The properties listed for the sale include a four-star hotel, resorts, land parcels, office spaces and shops in Maharashtra, Karnataka, West Bengal, Madhya Pradesh, Tamil Nadu and Kerala.

 

SEBI said the bidders should make their own independent inquiries regarding nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities of the properties put under auction before submitting their bids.

In the notice, it was notified that “SEBI hereby invites bids from the intending bidders along with an amount equivalent of 10% of the Reserve Price as Earnest Money to be paid through EFT/NEFT/RTGS for the sale of the properties.”