SEBI To Auction Eight Properties Of HBN Dairies And Allied To Recover Illegally Raised Money

The move comes after the Supreme Court authorised the market regulator to sell the company's assets.

<div class="paragraphs"><p>SEBI building in Mumbai. (Photo: NDTV Profit)</p></div>
SEBI building in Mumbai. (Photo: NDTV Profit)

The Securities and Exchange Board of India will auction eight properties of HBN Dairies & Allied Ltd. next month for a reserve price of Rs 67.70 crore, to recover money raised by the company through unlawful collective investment schemes.

The move comes after the Supreme Court authorised the market regulator to sell the company's assets in an order dated May 14, with the active involvement of the liquidator.

The markets watchdog initiated the process for the sale of assets after HBN Dairies & Allied Ltd and its directors -- Harmender Singh Sran, Amandeep Singh Sran, Manjeet Kaur Sran and Jasbeer Kaur -- failed to refund the investors' money.

The properties to go under the hammer include a shopping mall-cum-multiplex, hotel, plots and commercial shops, SEBI said in a notice on Wednesday.

The properties were located in New Delhi, Punjab, Madhya Pradesh, Gujarat and Maharashtra and were auctioned at a reserve price of Rs 67.70 crore.

Quikr Realty has been engaged by Sebi to assist it in the e-auction, while C1 India has been appointed as the e-auction service provider, the regulator said in a notice.

As per the notice, the regulator said bidders should make independent enquiries regarding the encumbrances, litigations, attachments and acquisition liabilities of the properties put on action prior to submitting their bid.

"Sale or auction shall be through online bidding. Bidders can participate in the e-auction from anywhere,"the regulator noted.

*(With Inputs From PTI)*

SEBI Warns Against Transactions Involving HBN Dairies And Allied Properties