SEBI to auction HBN Dairy assets in August 2024

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YUGEN REALTY, SURAT

The Securities and Exchange Board of India (SEBI) has announced plans to auction eight properties of HBN Dairy and Allied in August 2024, with a reserve price of Rs. 670.70 million has been kept. The move is part of SEBI’s effort to recover funds that HBN Dairy had raised through unauthorized collective investment schemes.

The decision follows the Supreme Court order dated May 14, 2024, which authorized SEBI to sell the assets of HBN Dairy and Allied with the active involvement of the liquidator.

SEBI initiated the asset sale process after HBN Dairies & Allied and its directors, Harmender Singh Sran, Amandeep Singh Sran, Manjeet Kaur Sran and Jasbir Kaur failed to return investors’ money.

The properties up for auction include a shopping mall-cum-multiplex, a hotel, plots and commercial shops. These assets located in New Delhi, Punjab, Madhya Pradesh, Gujarat and Maharashtra are collectively worth Rs. 670.70 million recorded at the reserve price.

To facilitate the e-auction, SEBI has tied up with Quicker Realty and appointed C1 India as the e-auction service provider. In its notice, SEBI has informed bidders of any encumbrances, litigations, attachments and acquisition liabilities associated with the properties before submitting their bids. An independent investigation was advised.

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Disclaimer : This information has been collected through secondary research and Yugen Realty Newspaper is not responsible for any errors in the same.

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