Mumbai April 9 (IANS) Securities markets regulator SEBI has said that 24 properties of Pancard Clubs and erstwhile Chairman and Managing Director Sudhir Moravekar will be auctioned on May 9 2018 to recover over Rs 7 000 crore of investors money.
According to a Securities And Exchange Board of India (SEBI) notice issued on Monday the regulator has engaged SBI Capital Markets for the auction at a reserve price of over Rs 2 000 crore.
Pancard Clubs had in 2016 failed to comply with SEBI s direction to refund over Rs 7 000 crore to investors raised through illegal collective investment schemes (CIS) the regulator had said in a circular issued in February 2016.
--IANS
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