Sebi auctions Rose Valley Group properties, investors get their money’s worth – India TV Hindi

SEBI Rose Valley Group- India TV Paisa

Image: File Sebi Rose Valley Group

The Rose Valley Scandal: The Securities and Exchange Board of India (SEBI) will auction 22 properties of Rose Valley group companies to recover money collected from people through illegal schemes. The reserve price for this auction to be held on May 20 has been set at Rs 8.6 crore. The properties to be auctioned include flats and office spaces located in West Bengal, SEBI said in a notice on Monday. The e-auction will be held on May 20 between 11 am and 1 pm.

The total reserve price is Rs 8.6 crore.

The total reserve value of these properties has been set at Rs 8.6 crore. The Securities and Exchange Board of India said it has roped in Quaker Realty to help sell properties. The committee will oversee the sale of assets and the proceeds will be used to make payments to investors. The committee was formed in May 2015 following an order of the Calcutta High Court. According to the notice, bidders should obtain full information regarding the encumbrances, legal disputes, attachments and encumbrances of the auctioned properties before submitting the bids.

Why was the property confiscated?

The regulator has directed Rose Valley Hotels and Entertainment Ltd to recover total dues of over Rs 5,000 crore from investors by June 2022. And bank accounts of its then directors as well as share and mutual fund holdings were also ordered to be attached. The move came after it failed to comply with SEBI’s directives to return funds to investors. Notably, in November 2017, the regulator ordered Rose Valley and its then directors to return thousands of crores of rupees to investors who had invested in the group’s illegal schemes. The Enforcement Directorate (ED) had disclosed in March 2023 that assets worth around Rs 150 crore had been seized under the Anti-Money Laundering Act as part of its probe against the Rose Valley Group. According to the ED, the funds were collected through ‘bogus’ schemes by agents in Assam, West Bengal, Tripura, Odisha, Jharkhand and several other states.

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