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Sebi to auction Sunshine Infrabuild’s 11 properties

LiveMint logoLiveMint 26-07-2017 PTI

New Delhi: Markets regulator Sebi will auction as many as 11 properties owned by Sunshine Infrabuild Corporation in September to recover funds that it illegally raised from people. The properties to go under the hammer include land parcels and shops in Delhi, Uttar Pradesh, Gujarat and Chhattisgarh, Securities and Exchange Board of India (Sebi) said in a public notice.

As part of the recovery proceedings, Sebi will auction the properties in Delhi, Uttar Pradesh, Gujarat on 7 September, while assets in Chhattisgarh will go under the hammer on 8 September. The regulator has engaged SBI Capital Markets Ltd for assistance in sale of the 11 properties.

The move comes after Sunshine Infrabuild failed to refund the money that it illegally raised from people. The regulator has already attached the company’s various bank accounts and mutual funds.

Sebi found that Sunshine Infrabuild allotted various types of debentures to over 8,000 investors and raised more than Rs26 crore during 2010-11 to 2012-13. These funds were garnered in violation of the public issue norms. PTI SP ANU

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