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Ponzi scheme: Sebi to auction MPS' properties to recover investors’ money

New Delhi: To recover investors’ money, markets regulator Sebi has lined up 14 properties of MPS Greenery Developers for an online auction next month at a total reserve price of over Rs54 crore.

Representational Image. Photo credit: ibnlive

Representational Image. Photo credit: ibnlive

The Securities and Exchange Board of India (Sebi) has initiated the process for sale of assets of the company, as per an order by the Calcutta high court. Justice Sailendra Prasad Talukdar has been appointed as one-man committee for liquidating the assets of the MPS Group of companies and repaying the investors. Subsequently, the committee directed Sebi to proceed with auction of select properties of MPS Group.

Accordingly, SBI Capital Markets has been engaged by Sebi to assist it in sale of the properties through e-auction platform on “as is where is and whatever there is” basis. The West Bengal-based firm collected Rs1,520 crore from investors through illegal collective investment schemes.

In a notice, the regulator said SBI Caps will auction 14 properties on 1 June at a reserve price of about Rs54.46 crore. The property listed for sale include land parcels, buildings, residential flats and commercial space in Kolkata. For inspection, intending bidders may submit their request to the agency till 8 May.

In December 2012, the markets regulator had directed MPS Greenery Developers to close its illicit collective investment schemes and refund investors within one month, failing which proceedings would be initiated against the entity and its senior officials.

Updated Date: May 08, 2017 11:16 AM

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