Sebi finds buyers for Pancard Clubs' 3 properties
Updated : May 10, 2018 06:25 AM IST
The e-auction for these assets was held today as part of the recovery proceedings against Pancard Clubs, which had raised over Rs 7,000 crore through illegal collective investment schemes (CIS) from more than 51.55 lakh investors between 2002-03 and 2013-14.
These properties are United 21 Royal Resort at Ajmer in Rajasthan, shop at Panvel in Navi Mumbai and office at Goregaon in Mumbai.
Pancard Clubs had failed to comply with Sebi's direction in February 2016 ordering the company to refund the amount raised through illegal collective investment schemes (CIS) to investors.