Pranay Hospitality has been declared as the highest bidder for the hotel in Thane with a bid amount of Rs 43.8 crore.
Markets regulator SEBI declared the highest bidders for four properties belonging to Pancard Clubs for a combined bid value of over Rs 54 crore, as part of its efforts to recover investors' money.
The properties include office spaces in Mumbai suburban area, a resort in Udaipur and a hotel in Thane, the Securities and Exchange Board of India (SEBI) said in separate communications.
The e-auction of these properties took place on October 24.
Pranay Hospitality has been declared as the highest bidder for the hotel in Thane with a bid amount of Rs 43.8 crore. Spire Construction has emerged as the highest bidder for the resort in Udaipur with a bid amount of Rs 7.48 crore.
For office spaces in Mumbai and Navi Mumbai, the regulator announced that Orachard Acres, with a bid amount of Rs 2.43 crore, and Zindus Infra India, with a bid value of Rs 47.41 lakh, were the highest bidders respectively.
The regulator has been auctioning the assets of Pancard Clubs, which had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through illegal collective investment schemes.
SEBI had sold two properties belonging to Pancard Clubs for nearly Rs 8 crore in April and another two assets for about Rs 5 crore earlier this month.
In February 2016, SEBI had directed the firm and its directors to refund the investors. However, the entities did not comply with the direction, following which the regulator had initiated recovery proceedings in the case and attached the properties belonging to the firm and its directors.Since the entities failed to repay the dues, SEBI had issued a notice of sale in April 2018 for selling their properties.