The Securities and Exchange Board of India (SEBI) will auction 46 properties of Royal Twinkle Star Club and Citrus Check Ins on April 6. The reserve price for them has been kept at Rs 97 crore. SEBI has taken this step to recover thousands of crores raised by these companies.
SEBI said in a notice on Tuesday that the auction would be held on April 6, 2022 from 11 am to 1 pm. According to the regulator, the properties to be auctioned include office premises of companies, residential flats, pieces of land along with shops located in Maharashtra, Gujarat, Daman and Dadra and Nagar Haveli.
Sebi said that between November 2019 and November 2021, more than 220 properties of these companies were auctioned at a reserve price of over Rs 1,200 crore. This step has been taken by SEBI following an order of the Supreme Court in December, 2019. The court had directed the sale-cum-monitoring committee to proceed with the sale of 114 properties of the companies within six months. Earlier, in December 2018, the regulator had imposed a fine of Rs 50 lakh on Citrus Check Inns and its directors for non-compliance with its order not to raise funds from the public.