SEBI to Auction 15 Properties from Five Companies on November 19

The Securities and Exchange Board of India (SEBI) announced on Monday that it will auction 15 properties owned by Mangalam Agro Products, Sumangal Industries, and Falkon Industries India on November 19. This action is part of SEBI’s effort to recover funds that these companies raised from investors without following the necessary regulations.

In addition to the three companies mentioned, two others—Ravi Kiran Realty India and Purusattam Infotech Industries—will also have their properties auctioned.

The auction will feature various properties, including flats, land with structures, and vacant land, all located in West Bengal and Odisha. The starting bid for these properties is set at ₹11.89 crore, and the auction will take place online from 11 am to 1 pm on November 19.

SEBI has engaged Quikr Realty to help conduct the auction. Bidders are advised to independently verify details about any legal issues, claims, or liabilities related to the properties before placing their bids. Out of the 15 properties, seven are associated with Mangalam Agro Products, while Sumangal Industries and Falkon Industries India each have three properties. There is one property each for Ravi Kiran Realty India and Purusattam Infotech Industries.

These companies had previously raised money from investors without adhering to regulatory guidelines. For example, Mangalam Agro raised ₹11 crore through the illegal sale of secured non-convertible debentures to about 4,820 investors between 2011 and 2012. Sumangal collected ₹85 crore from investors via illegal collective investment schemes. Ravi Kiran raised funds by issuing redeemable preference shares to 1,176 individuals, and Falkon Industries India raised ₹48.58 lakh from 714 people in 2009-2010.