The Securities and Exchange Board of India on Monday decided to e-auction the property held by Pyramid Saimira’s former promoter PS Saminathan’s wife to recover over ₹1 crore penalty imposed on him.

A residential apartment — totalling 2,804 sq ft at Senthamangalam, Chengalpet, Tamil Nadu, along with undivided share of land measuring 459 sq ft — would be auctioned on August 20 between 10.30 a.m. and 11.30 am. The reserve price of the property is fixed at ₹1 crore. Saminathan and his wife Uma Saminathan failed to pay dues, including penalties worth ₹1.27 crore. However, SEBI said sale of the property would be stopped if the arrears along with interest and costs (including costs pertaining to the sale) are paid.

“The property shall not be sold below the reserve price fixed,” the market regulator said and added that the bidders would have to fill up an application online. Inspection of the property will be allowed on August 12, SEBI said. Further, the successful bidder would have to deposit 25 per cent of the bid amount plus poundage fee immediately and the balance within 15 days.

PS Saminathan had been penalised by the market regulator for multiple capital market violations, including non-compliance with disclosure norms and for indulging in fraudulent trading activities. The property was attached last year.

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