Sebi to auction 8 properties of Parasrampuria Plantations and Sai Space Creations

Markets regulator Sebi will auction eight properties owned by Parasrampuria Plantations Ltd and Shree Sai Space Creations Ltd next month for a total reserve price of over Rs 8 crore.

The move is part of an effort by Securities and Exchange Board of India (Sebi) to recover investors' money.

Out of the eight properties being put on the block, six belong to Shree Sai Space Creations and two of Parasrampuria Plantations.

The auction of the properties, spread across Maharashtra, and mostly include land parcels, will be conducted on August 24 and bids for participation will be accepted till August 21, Sebi said in a notice on Thursday.

The regulator has engaged SBI Capital Markets Ltd to assist it for sale of these properties.

Sebi had earlier attached bank as well as Demat accounts of these companies after they failed to refund investors' money along with interest. These firms had illegally raised funds from the public.

The market watchdog said the bidders should make their own independent enquiries regarding the encumbrances, litigation, attachments, acquisition and liabilities of the property put on auction prior to submitting their bids.

"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/dues, etc," as per the notice.