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Sebi to auction HBN Dairies properties; fixes reserve price at Rs 67.70 cr

This came after the Supreme Court in its order dated May 14, 2024, authorised Sebi to sell the assets of HBN Dairies & Allied Ltd (HBN) with the active involvement of the liquidator.

Sebi to auction HBN Dairies properties; fixes reserve price at Rs 67.70 cr
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SEBI (IANS)

MUMBAI: Capital markets regulator Sebi will auction eight properties of HBN Dairies & Allied Ltd next month for a reserve price of Rs 67.70 crore. The move is a part of Sebi's effort to recover money raised by HBN Dairies through illicit collective investment schemes.

This came after the Supreme Court in its order dated May 14, 2024, authorised Sebi to sell the assets of HBN Dairies & Allied Ltd (HBN) with the active involvement of the liquidator.

The markets watchdog initiated the process for the sale of assets after HBN Dairies & Allied Ltd and its directors -- Harmender Singh Sran, Amandeep Singh Sran, Manjeet Kaur Sran and Jasbeer Kaur failed to refund the investors' money.

The properties to go under the hammer include a shopping mall-cum-multiplex, hotel, plots and commercial shops, the Securities and Exchange Board of India (Sebi) said in a notice on Wednesday.

The properties were located in New Delhi, Punjab, Madhya Pradesh, Gujarat and Maharashtra and were auctioned at a reserve price of Rs 67.70 crore. Quikr Realty has been engaged by Sebi to assist it in the e-auction, while C1 India has been appointed as the e-auction service provider, the regulator said in a notice.

As per the notice, the regulator said bidders should make independent enquiries regarding the encumbrances, litigations, attachments and acquisition liabilities of the properties put on action prior to submitting their bid.

"Sale or auction shall be through online bidding. Bidders can participate in the e-auction from anywhere," the regulator noted.

The markets watchdog is inviting bids for the sale of properties in the recovery proceedings against HBN Dairies & Allied Ltd and its directors. Sebi said the auction will be conducted online on August 13 from 11 am to 1 pm.

The company had illegally mobilised Rs 1,136 crore from gullible investors through schemes involving purchase of cattle to earn huge returns from the sale of ghee. By indulging in these activities, HBN Dairies & Allied had flouted the regulatory norms.

PTI
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