SEBI to auction Ravi Kiran Realty's properties to recover investors' money

SEBI to auction Ravi Kiran Realty's properties to recover investors' money
Source: IANS

New Delhi, Nov 30 (IANS) Securities market regulator SEBI on Tuesday said it will auction four properties of Ravi Kiran Realty India and its promoters to recover investors' money.

 

These properties, located in West Bengal, will be auctioned at a reserve price totalling Rs 3.22 crore on December 16, the regulator said.

"Intending bidders are invited to submit their bid(s) along with an amount equivalent of 10 per cent of the reserve price as earnest money for each of the properties to be paid through EFT or NEFT or RTGS for the sale...," the regulator said.

The intending bidder is required to submit its EMD on or before December 12, up to 5 p.m., it added.

Back in March 2016, SEBI had reportedly ordered the company to refund investors' money.