Securities and Exchange Board of India (SEBI) has decided to go ahead with auctioning of some 69 properties of Sai Prasad Group of companies and three of its directors on April 20 in order to recover funds worth thousands of crores raised by the Maharashtra-based entity through illegal collective investment schemes.
The properties of Sai Prasad Foods, Sai Prasad Corporation and Sai Prasad Properties will go under the hammer, and their directors are Balasaheb Bhapkar, Shashank Bhapkar and Vandana Bhapkar, respectively. Land parcels, office space and commercial premises will be auctioned across Maharashtra, SEBI said in a notice.
The SEBI has engaged HDFC Realty to assist it for sale of the 69 properties and fixed a total reserve price of nearly Rs 14 cr for them.
"The intending bidders should make their own independent enquiries regarding the extent, measurement, nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities of the property, title, survey number (s)/ plot number(s) and claim/ rights/ dues etc in respect of the properties put on auction, prior to submitting their bid," SEBI said.
"The properties are being sold with all the existing and future encumbrances, whether known or unknown to SEBI/ the Agency (HDFC Realty)," it added.