SEBI to auction Ravi Kiran Realty's properties to recover investors' money

These properties, located in West Bengal, will be auctioned at a reserve price totalling Rs 3.22 crore on December 16, the regulator said.

"Intending bidders are invited to submit their bid(s) along with an amount equivalent of 10 per cent of the reserve price as earnest money for each of the properties to be paid through EFT or NEFT or RTGS for the sale...," the regulator said.

The intending bidder is required to submit its EMD on or before December 12, up to 5 p.m., it added.

Back in March 2016, SEBI had reportedly ordered the company to refund investors' money.