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Sebi declares highest bidder for Ramel Industries’ land parcel in West Bengal

Markets regulator Sebi has declared the highest bidder for a land parcel belonging to Ramel Industries for a bid value of Rs 4.3 crore, as part of its efforts to recover investors’ money.

The bidding took place on February 24 for the land parcel in West Bengal, the Securities and Exchange Board of India (Sebi) said in a communication on Thursday.

Maa Tara Developers has been declared the highest bidder with a bid amount of Rs 4.30 crore.

The capital markets regulator conducted an auction on February 24 for properties of Ramel Industries for a total reserve price of Rs 19 crore in order to recover money raised by the company from the public through illicit schemes.

The properties that went under the hammer include land parcels, agricultural land, office premises and flats and godowns across West Bengal.

In 2014, Sebi had ordered the firm and its directors/promoters to return the money raised from investors through illegal collective investment schemes (CIS). However, they failed to comply with the regulator’s direction.

Consequent, Sebi initiated recovery proceedings against Ramel Industries and its promoters/directors to recover Rs 60.86 crore, along with interest. Further, in June 2016, the recovery officer had attached the immovable properties of the company and its directors/ promoters and issued an order prohibiting them from disposing of or transferring their assets.

Since they failed to repay the dues, Sebi issued a notice in January this year for selling the properties through public auction. PTI SP SP ABM ABM

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