Sebi to auction 23 properties of Utkarsha Plotters on July 29 to recover investors’ money

Sebi to auction 23 properties of Utkarsha Plotters on July 29 to recover investors’ money

Markets regulator Sebi on Monday said it will auction 23 properties belonging to Utkarsha Plotters and Multi Agro Solutions India Ltd on July 29 to recover money that was illegally raised by the company.

The properties include agricultural land parcels, plots and residential spaces across Maharashtra, the Securities and Exchange Board of India (Sebi) said in a notice.

The 23 properties will be auctioned at a reserve price of Rs 4.6 crore. Besides, Adroit Technical Services has been appointed as the e-auction service provider by the regulator.

The company had raised funds from the public by launching Collective Investment Scheme (CIS) without obtaining registration from the regulator. It carried on CIS under the garb of purchase/sale/development of the plot of land.

To recover public money, Sebi had attached the bank and Demat accounts of Utkarsha Plotters and Multi Agro Solutions India and its directors in September 2018 and November 2018, the regulator had ordered the attachment of 26 properties, belonging to them to recover over Rs 38 crore.

Earlier in January 2015, the regulator had prohibited the Maharashtra-based company from raising funds from the public with immediate effect. Besides, the market watchdog directed the company not to launch any new scheme.