SEBI puts properties on sale after Pancard Clubs fails to refund investor’s money
After the Pancard Clubs failed to comply with SEBI’s order of refunding Rs 7,000 crore belonging to the investors, the market regulator has listed 40 properties and five vehicles belonging to it for sale. The total reserve price for the assets to be sold next month is over Rs 743 crore.
In a notice issued, Securities and Exchange Board of India (SEBI) said it has engaged SBI Capital Markets “to assist it for sale of the properties of the Pancard Clubs Ltd through e-auction platform”, on October 24, 1028.
Also, SEBI has sought help from C1 India Pvt Ltd for the sale of five vehicles.
The list of properties have a four-star hotel, resorts, office spaces and land parcels in different regions such as Maharashtra, Karnataka, West Bengal, Tamil Nadu and Gujarat and Rajasthan. The list of five vehicles includes Mercedes Benz, Toyota Innova and Hyundai Verna, owned by the company.
The properties will be open for inspection on October 4.
Pancard Clubs managed to mobilize Rs 7,035 crore from 51,55,516 investors from 2002 – 2014 through numerous holiday schemes. The schemes were all found to be illegal by SEBI.