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Looking to recover over Rs 7,000 crore of investors’ money, the Securities and Exchange Board of India has put up for auction luxury vehicles and properties owned by Pancard Clubs.
This is in addition to at least 57 properties which were auctioned between December and May with a combined reserve price of more than Rs 3,000 crore.
In two separate notices issued today, SEBI said SBI Capital Markets will auction 17 properties of Pancard Clubs and three properties of its late CMD Sudhir Moravekar on June 27 at a reserve price of about Rs 1,733 crore.
The properties listed for the sale include a four-star hotel, resorts, land parcels and office spaces in Maharashtra, Karnataka, West Bengal, Madhya Pradesh, Tamil Nadu and Kerala.
Besides, the regulator has put on sale six vehicles, including Mercedes Benz, Toyota Innova and Hyundai Verna, owned by the company. The collective reserve price of the vehicles, which will be auctioned on June 8, is Rs 1.24 crore.
SEBI said the bidders should make their own independent enquiries regarding the nature, type, classifications, encumbrances, litigations, attachments, and acquisition liabilities of the properties put under auction before submitting their bids.
Pancard Clubs had failed to comply with SEBI’s direction in February 2016 ordering it to refund investors over Rs 7,000 crore, raised through illegal collective investment schemes. The company had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes.
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