Prevent transfer of Saradha properties, SEBI asks Dispur

Our Staff Reporter

Guwahati, Oct 5: The Securities and Exchange Board of India (SEBI) has asked the Assam government to restrain transfer of the properties of seven chit fund companies in the State, including Saradha.

In a letter to the State Chief Secretary, the SEBI has also sought details of the movable and immovable properties of these companies in the State.

The board has also prohibited people from taking any benefit under such disposal, transfer, alietion or charge in respect of the properties “which stand attached in execution of the Recovery Certificate.”

The SEBI asked the Chief Secretary to direct the registering offices in the State to refuse “acceptance of presentation of any document executed by any of the companies”.

The SEBI had ordered attachment of 134 properties of the now defunct Saradha Group and its Chairman, Sudipta Sen, to recover investors’ dues to the tune of over Rs 774 crore.

The properties that are to be attached include land parcels, buildings, flats, resorts and other movable assets held by the defaulters that include Saradha Realty India and its MD, Sudipta Sen.

SEBI has attached 120 land parcels in West Bengal, while another 14 assets include properties of Saradha Landmark Cement, properties of Lincoln High School, flats and resorts.

“It is learnt that the defaulters are in possession of the properties and it is also felt that they may dispose or transfer or aliete the assets with a view to obstruct or delay the recovery proceedings, which need to be prevented immediately by attaching the said assets,” SEBI said in an order.

The SEBI had also ordered attachment of the properties of Sun-Plant Agro Limited, Kolkata Weir Industries Limited, Ramel Industries Limited, Green Ray Intertiol Limited and Sumangal Industries Limited – all accused of uuthorized collection of money from the public.

The Saradha Group, which went bust in April 2013, was involved in various illegal money collection and deposit taking schemes — in the range of Rs 10,000-1,00,000 for 15-120 months, with a promise of 12-24 per cent returns — in West Bengal, Bihar, Tripura and Assam.