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EBI to recover Rs 70 bn by auctioning 11 PAN card Clubs properties in Feb

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SEBI  to recover Rs 70 bn by auctioning 11 PAN card Clubs properties in Feb
Pancard Clubs mobilised Rs 70.35 billion from 51,55,516 investors from 2002-03 to 2013-14 via many holiday schemes
Looking to recover over Rs 70 billion of investors' money, markets regulator Sebi has lined up as many as 11 properties of Pancard Clubs and its late CMD for an online auction next month at a total reserve price of Rs 2.53 billion. This is in addition to 11 properties of the company that were auctioned in December as well as on January 10 and their combined reserve price was Rs 5.52 billion. In a notice, the Securities and Exchange Board of India (Sebi) said that SBI Capital Markets will auction 10 properties of Pancard Clubs and one property of its late CMD, Sudhir Moravekar on February 14 at a reserve price of Rs 2.53 billion.
The properties listed for sale include a four star hotel, land parcels and office space in Goa, Maharashtra, Rajasthan and West Bengal. Sebi said the bidders should make their own independent enquiries regarding the "nature, type, classifications, encumbrances, litigations, attachments, acquisition liabilities" of the properties put under auction before submitting their bids. "The properties are being sold with all the existing and future encumbrances, whether known or unknown to Sebi. Sebi shall not be responsible in any way for any third party claims, rights or dues etc," the regulator added.
The company had failed to comply with Sebi's direction in February 2016 ordering it to refund to investors over Rs 70 billion, raised through illegal collective investment schemes (CIS). Pancard Clubs had mobilised Rs 70.35 billion from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes.
The Business Standard, New Delhi, 16th January 2018

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