To recover the amount belonging to investors, the properties of Ravi Kiran Realty India’s assets will be auctioned by SEBI on December 16. The reserve price of the properties located in West Bengal has been priced at Rs 3.22 crore. The SEBI invited bids for the online auction. It asked the prospective bidders to take part in the auction only after acquainting themselves with everything completely about the properties. In violation of rulers governing the public issue of shares, Ravi Kiran Realty India issued redeemable priority shares to 1176. But in 2016, SEBI asked Ravi Kiran Realty to return the investors’ money, but it failed to comply with the orders. Therefore, SEBI decided to pay the investors by auctioning off the properties of the promoters in October last year. Due to some unavoidable reasons the auction process has been postponed to December 16.
