Sebi to auction two properties of Swar Agrotech

Sebi will auction two properties belonging to Swar Agrotech India Limited at a total reserve price of over Rs 15 lakh as the regulator looks to recover investors' money.

As part of the recovery proceedings, the watchdog on February 4 will e-auction two immovable properties of the company, Securities and Exchange Board of India (Sebi) said in a notice dated December 27.

The land parcels, which is going under the hammer, are in Uttar Pradesh. The total reserve price of these properties is pegged at Rs 15.08 lakh.

The regulator has engaged SBI Capital Markets Limited to assist it for sale of the properties.

Sebi said the bidders should make their own independent enquiries regarding the nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities of the properties put under auction prior to submitting their bid.

"The properties are being sold with all the existing and future encumbrances, whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims, rights or dues etc," the regulator added.

Swara Agrotech had mobilised around Rs 95 lakh from investors through illegal investment schemes.

In March 2016, the regulator had ordered the company and its directors to refund investors' money, which was raised through illegal investment schemes within three months.