Mumbai, July 30 (SocialNews.XYZ) The Securities and Exchange Board of India (SEBI) will auction 18 properties of Asurre Agrowtech at a reserve price of nearly Rs 21 crore in a bid to recover money of investors put in an illegal investment scheme of the company.
In a notice on Thursday, the securities market regulator invited bids from the intending bidders along with an amount equivalent of 10 per cent of the Reserve Price as Earnest Money Deposit (EMD).
The online auction will take place on August 30. The notice said that auction will commence at the highest price, not below Reserve Price offered by the intending bidder in the bid form and subsequent bidders can improve their bids in multiples of "Bid Increase Amount".
The properties put up for sale are land parcels in Tamil Nadu.
Last November, SEBI had asked investors of Asurre Agrowtech to submit their claims for refund of money invested by them in the companies' illegal investment schemes. The capital markets watchdog had asked investors to submit their refund applications by February 29, 2020
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz