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Economy Business Sebi to auction 20 assets of Pancard clubs next...

Sebi to auction 20 assets of Pancard clubs next month

Pancard Clubs had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes

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New Delhi: Looking to recover over Rs 7,000 crore of investors’ money, markets regulator Securities and Exchange Board of India (Sebi) will next month auction 20 properties of Pancard Clubs and its late chairman and managing director at a total reserve price of over Rs 1,700 crore. Pancard clubs has allegedly duped over 50 lakh investors between 2003-13 through its various holiday schemes.

 

This is in addition to at least 57 properties which were auctioned between December and May with a combined reserve price of more than Rs 3,000 crore.

In a notice issued on Wednesday, Sebi said SBI Capital Markets will auction 17 properties of Pancard Clubs and three properties of its late CMD Sudhir Moravekar on 27 June at a reserve price of about Rs 1,733 crore.

The properties listed for the sale include a four-star hotel, resorts, land parcels and office spaces in Maharashtra, Karnataka, West Bengal, Madhya Pradesh, Tamil Nadu and Kerala. The interested bidders can inspect these properties on 12 June.

“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 said.

The company had failed to comply with Sebi’s direction in February 2016 ordering it to refund investors over Rs 7,000 crore, raised through illegal collective investment schemes (CIS). The markets regulator had initiated recovery proceedings in the case and attached the properties belonging to the firm and its directors.

Pancard Clubs had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes.

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