SEBI to auction Golden Life Agro properties on September 8, check details

Sebi on Friday said it will auction two properties of Golden Life Agro India Ltd on September 8 to recover money that was illegally raised by the company from the public. The two properties put on the block are a plot and a double storied building located in West Bengal.

Total reserve price of these properties is pegged at Rs 8 crore, the Securities and Exchange Board of India (Sebi) said in a notice.

Inviting bids for the sale of recovery proceedings against Golden Life Agro India and its directors, Sebi said auction of the properties will be conducted through online mode on September 8 between 1030 hours and 1130 hours. Quikr Realty has been engaged by the regulator to assist in the e-auction.

The regulator has asked the bidders to make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others before submitting their bids.

Sebi had earlier auctioned properties of the company.

Golden Life Agro raised Rs 11.3 crore from 24,915 investors through the issuance of non-convertible debentures by way of private placement.

The company was engaged in fund mobilising activity through the issue of securities to more than 49 persons without complying with the provisions of the Companies Act, 1956. In June 2015, Sebi had directed the company and its directors to refund the money raised from investors along with interests.