Latest News | Sebi Sells Properties of Ravi Kiran Realty India, Its Promoters

New Delhi, Mar 17 (PTI) Sebi on Thursday said it has sold properties belonging to Ravi Kiran Realty India Ltd and its promoters for Rs 1.66 crore following an online auction, as part of the markets regulator's efforts to recover investors' money.

The three properties, located in West Bengal, have been sold to Vishodhan Developers, the Securities and Exchange Board of India (Sebi) said in a notice.

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Vishodhan Developers emerged as the highest bidder in the e-auction conducted on February 14.

The regulator has been auctioning properties of Ravi Kiran Realty India and its promoter in a bid to to recover investors' money. The company had raised funds by issuing redeemable preference shares (RPS) to 1,176 people without complying with the public issue norms.

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Under the norms, the firm was required to list its securities on the recognised bourse as the shares were issued to more than 50 persons. It was also required to file a prospectus, among other things, which it failed to do.

In March 2016, Sebi had ordered the company to refund investors' money. However, it failed to do so and consequently, the regulator initiated recovery proceedings against the company and its promoters or directors.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)