SEBI has sold two properties for over Rs 2 crore in the Pancard Clubs case, as part of the markets regulator's efforts to recover investor money. While the property in Panvel has been sold for Rs 68.09 lakh, the one in Mumbai has been disposed of for Rs 1.34 crore, as per two separate SEBI orders.
The Panvel and Mumbai properties have been purchased by Dilip Dipchand Manwani and Dimple Barola, respectively.
The highest bidder (Barola) paid the full bid amount of Rs 1.33 crore along with 1 per cent poundage fee, totalling Rs 1.34 crore, within the time limit to SEBI, the regulator said.
Manwani has paid a total of Rs 68.09 lakh, which includes the bid amount of Rs 67.42 lakh and 1 per cent poundage fee, SEBI said.
The regulator also noted that no application has been made for setting aside the sale of properties.
Pancard Clubs had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through illegal collective investment schemes.
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, the Securities and Exchange Board of India (SEBI) had issued a notice of sale in April 2018 for selling their properties.
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