High Court of Uttarakhand halts auction proceedings against Brew Force Technologies, ET LegalWorld
Recently, the vacation bench of the High Court of Uttarakhand, Nainital Bench, passed an order to keep the auction proceedings in abeyance while granting four weeks to the Respondents to file a counter affidavit. The matter was related to Brew Force Technologies, which filed the Writ Petition seeking to challenge the illegal eviction by way […]
Sebi to auction 23 properties of 9 companies in February, ET LegalWorld
Sebi on Monday said it has scheduled an auction of 23 properties belonging to nine firms, such as Tower Infotech and Vibgyor Group of Companies in February, aimed to recoup funds illicitly collected from investors. Additionally, GBC Industrial Corporation, Waris Group, Pincon Group, Kolkata Weir Industries Ltd (KWIL), Annex Infrastructure India, I-core Group and MPS […]
Sebi to auction 28 properties of 5 companies next month, ET LegalWorld
Capital markets regulator Sebi will auction 28 properties of five companies, including Bishal Group and Sumangal Industries, on January 27, to recover money illegally collected from investors by these companies. The properties will be auctioned for a reserve price of Rs 28.66 crore. Ravi Kiran Realty India, Mangalam Agro Products , and Purusattam Infotech Industries […]
Sebi proposes auction process to determine stock closing price, ET LegalWorld
Markets regulator Sebi on Thursday proposed introducing a Close Auction Session (CAS) framework in the country to determine the closing price of stocks in the equity cash market. Currently, the closing price of stocks in India is determined using Volume Weighted Average Price (VWAP) of the last 30 minutes of the trading day. While the […]
Supreme Court Orders Auction of Heera Gold Properties to Repay Investors, ET LegalWorld
The court instructed ED and Telangana govt to investigate the status of these properties. On reviewing the reports, the court found two of the properties —Naina Towers and another — were free from encumbrance and ordered their auction. The court did not issue a ruling on the third property, as it remains under review. ED […]
Supreme Court stays auction of farmer’s land over unpaid loan, ET LegalWorld
The Supreme Court has stayed the auction of a farmer’s land in Uttar Pradesh. The Dalit farmer, Sukhram, had taken a loan of Rs 23,049 from the Uttar Pradesh Cooperative Rural Development Bank Ltd. for dairy and buffalo farming. Despite repaying a portion of the loan, Sukhram passed away in 2000. However, in 2002, the […]
Sebi to auction 7 properties worth Rs 15.47 cr of Bishal Group of Companies next month, ET LegalWorld
Capital markets regulator Sebi has said that it will auction seven properties belonging to Bishal Group of Companies on December 10 to recover money illegally collected by the entity from investors. The properties will be auctioned at a reserve price of a little over Rs 15.47 crore, according to a public notice issued by the […]
Sebi to auction 27 properties of Rose Valley group worth Rs 63.26 crore on Nov 25, ET LegalWorld
Capital markets regulator Sebi on Wednesday said it will auction 27 properties of Rose Valley group of companies on November 25 at a reserve price of Rs 63.26 crore in a bid to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include flats, buildings, […]
Sebi to auction 15 properties of five companies on Nov 19, ET LegalWorld
Capital markets regulator Sebi on Monday said it will auction 15 properties belonging to Mangalam Agro Products, Sumangal Industries and Falkon Industries India on November 19. The move is part of Sebi’s efforts to recover money collected by these companies from investors in violation of norms. Ravi Kiran Realty India and Purusattam Infotech Industries are […]
Karnataka HC upholds BDA’s right to reject auction bids without explanation, ET LegalWorld
The Karnataka High Court has upheld the Bangalore Development Authority’s (BDA) power to accept or reject bids in site auctions without providing reasons. A division bench consisting of Justice Anu Sivaraman and Justice G Basavaraja concluded that the BDA’s decision was lawful, aligning with the public interest and benefiting the general public. The case arose […]