On August 18, Sebi will auction the properties of Mega Mold and Remac Realty

0
3

Sebi announced an auction for the sale of properties in the recovery proceedings against the two firms and their promoters or directors on August 18 from 10.30 a.m. to 12.30 p.m. Adroit Technical Services has been chosen to provide the e-auction service. Before submitting bids, the regulator has instructed bidders to conduct their own independent investigations into encumbrances, title of properties up for auction, and claims, among other things.

Mega Mould and Remac Realty, as well as their respective directors, were directed by Sebi to refund the money collected by the two firms in separate orders issued in March 2015 and March 2020, respectively. Furthermore, the companies and their directors were barred from trading in securities for at least four years.

Story Highlights

  • Three of the four properties are owned by Mega Mould, while the fourth is owned by Remac Realty. These West Bengal properties include flats, a land parcel, and a utility room.

  • Mega Mould raised Rs 888 crore through the issuance of Non-Convertible Debentures (NCDs) without complying with the regulatory provisions applicable to a public issue, according to a Sebi investigation, while Remac Realty was involved in the illegal mobilisation of funds from the public through Collective Investment Schemes (CIS) without obtaining a registration certificate from Sebi.