SEBI defers auction of Asurre Agrowtech's properties

The Securities and Exchange Board of India (SEBI) on Friday announced that it has decided to defer the auction of 18 properties of Asurre Agrowtech scheduled on August 30.

In a notice, the SEBI said that several writ petitions have been filed before the Madras High Court by persons claiming to be the purchasers or who have entered into agreements with the defaulter company, in respect of certain land portions which are to be auctioned.

"These claims are to be verified based on documents, which are to be served on SEBI as per the directions on the High Court," it said.

Further, the SEBI also said that Jones Lang LaSalle Property Consultants (India) Pvt Ltd, the agency assisting the sale, has brought to its notice that further data or plans are required in respect of the lands at Yercaud for addressing the concerns and queries of the prospective purchasers, considering that some portion of lands are alleged to have been alienated, and has advised that the proposed sale on August 30 be postponed.

"Accordingly, in the hearing held on August 26, 2020 before the High Court, it was submitted on behalf of the SEBI that the auction will not be held on August 30, 2020," it said, adding a fresh notice for sale will be issued at the earliest once the claims and issues are resolved.

In July, the securities market regulator had announced to auction the land parcels of the company in Tamil Nadu on August 30 at a reserve price of nearly Rs 21 crore in a bid to recover money of investors put in an illegal investment scheme of the company.

It had invited bids from the intending bidders along with an amount equivalent of 10 per cent of the reserve price as Earnest Money Deposit.

Last November, the SEBI had asked investors of Asurre Agrowtech to submit their claims for refund of money invested by them in the company's illegal investment schemes. Investors were asked to submit their refund applications by February 29, 2020.