Sebi to auction 11 sunshine infra assets in sept to recover illegal funds

Sebi to auction 11 Sunshine Infra assets in Sept to recover illegal funds

STOCK MARKET - 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 September 7, while assets in Chhattisgarh will go under the hammer on September 8.

The regulator has engaged SBI Capital Markets Ltd for assistance in the 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 Rs 26 crore during 2010-11 to 2012-13. These funds were garnered in violation of the public issue norms.

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ARTICLE SOURCE – BUSINESS STANDARD