Capital markets regulator SEBI on Friday said it has lined up as many as 39 properties. This includes Royal Twinkle Star Club Pvt Ltd and Citrus Check Inns Ltd. An auction on July 15 at a reserve price of Rs 66.51 crore will be held.
The move is part of SEBI’s effort to recover funds worth thousands of crores of rupees raised by the companies.
In a notice, SEBI said the auction will be conducted between 11 am to 1 pm on July 15, 2022.
The properties to go under the hammer include office premises, residential flats, land parcel, shops, land & buildings located in Gujarat, Maharashtra, Goa, Daman, and Dadra and Nagar Haveli.
The move came after a Supreme Court order in December 2019. In addition it directed the sale-cum-monitoring committee, headed by retired Justice J P Devdhar, to proceed with the sale of 114 properties of the companies within six months.
In December 2018, Sebi had imposed a penalty of Rs 50 lakh on Citrus Check Inns. Due to non-compliance with its order, wherein it had barred them from raising funds from the public.
Sebi had received several investor complaints against Citrus. Subsequently alleging that directors of Royal Twinkle were running their Collective Investment Scheme (CIS) through Citrus.
In August 2015, the regulator had imposed a four-year ban on Royal Twinkle and its four directors for illegally raising over Rs 2,656 crore in the garb of the sham “timeshare” holiday plans.
Besides, it had directed the company and its officials to refund the money. Along with the money and subsequently promised returns to the investors in three months.