SEBI To Auction 15 Properties of Sun Plant Agro, Sun Plant Business and Remac Realty
Moneylife Digital Team 14 April 2022
Market regulator Securities & Exchange Board of India (SEBI) has invited bids to sell 15 immovable properties in the recovery proceedings against Sun Plant Agro Ltd, Sun Plant Business Ltd, Remac Realty Ltd and their directors through an e-auction platform. 
 
The reserve price for these properties spread across West Bengal ranges from Rs19 lakh to Rs1.7 crore for which e-auction will take place on 11 May 2022.
 
Of the total 15 properties, nine belong to Sun Plant Business, while four are owned by Sun Plant Agro. Two properties belong to Remac Realty. 
 
The nine properties of Sun Plant Business are mostly parcels of land located in the Kolkata Leather Complex at Beonta in the 24 Parganas district. The four properties of Sun Plant Agro include two flats in Kolkata and plots in Nadia district and Kishenganj. Remac Realty's two properties to be auctioned are two apartments in Kolkata. 
 
Sun Plant directors named in the SEBI auction notice are Awdesh Kumar Singh, Girija Shankar Kumar, Sant Kumar, Basant Kumar Sasmal, Amit Kumar Chowdhury and Mahesh Chandra Prasad. Property of Remac Realty directors Parta Pratim Tewari, Leena Tewari, Reena Vijay, Sandip Chattopadhyay and Debapratim Mazumdar will also go under the hammer on 11th May. 
 
Sun-Plant Agro was raising funds through alleged 'sale of plants'. It allegedly sold plants to purchasers, maintained the plants, and thereafter provided returns on the amounts invested at the end of the scheme in the form of wood, even though no identity or marking of the particular plant sold was provided to purchasers.
 
Sun Plant Business had collected Rs 4.17 crore from 470 investors by issuing redeemable preference shares (RPS) from 2005 to 2008 without complying with the public issue norms.
 
The company ought to have wound up the scheme in 2003, pursuant to the rejection of the application for provisional registration by SEBI and the filing of the 'winding up and repayment report' by the company. However, the activities of Sun-Plant Agro and the details of amounts received by it against the cost of trees from 2003 to 2010 prima facie indicated that even after the submission of the winding up and repayment report in 2003, the company was carrying out activities of a collective investment scheme (CIS) without obtaining a certificate of registration from SEBI.
 
In December 2014, the market regulator initiated attachment proceedings against Sun-Plant Agro to recover Rs69.34 crore and a separate attachment order came in December 2015 against Sun Plant Business to recover a sum of Rs5.76 crore.
 
Comments
apramanik123
2 years ago
I want my money back from the company. How can I get it?
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