Market regulator Sebi has invited bids for the sale of properties of Mega Mould India and Remac Realty India and their promoters as part of their recovery proceedings through the e-auction platform. The bidders are invited to submit their bids along with with an amount equivalent to 10% of the reserve price which is to the tune of over ₹4.05 crore on the properties of these two companies.
As per the Sebi statement, three properties of Mega Mould will be kept for auction with a reserve price of nearly ₹3.39 crore. While only one property of Remac is being auctioned with a reserve price of ₹66,50,541.
The bid increase amount is ₹1 lakh for Mega Mould, while for Remac the amount is ₹75,000.
In its statement, Sebi said, intending bidders are invited to submit their bid (s) along with an amount equivalent to 10% of the Reserve Price as Earnest Money for each of the properties to be paid through EFT/NEFT/RTGS for the sale of following properties.
Sebi stated that the request for inspection of these properties will be allowed before August 4, while the inspection process can be carried out between August 4 to August 6.
Further, the intending bidder is required to submit their EMD on or before August 11, 2022, up to 5.30 P.M through EFT/NEFT/RTGS.
Later, on August 18, the online auction will take place between 10:30 A.M.-12:30 P.M.
The auction will commence at the highest price (not below Reserve Price) offered by the Intending Bidder (s) in the Bid Form and subsequent bidder (s) can improve their bids in multiples of “Bid Increase Amount”, Sebi said.
Each of the properties will be sold in a single lot and shall not be sold below the reserve price fixed.
Bidders can participate in the e-auction from anywhere. The intending bidders need to fill up the Bid Form, upload a copy of any valid photo identity/ address proof, and copy of the PAN Card & Aadhar Card at the platform provided by the service provider by following the instructions contained therein.
Notably, the successful bidder will have to deposit 25% of the successful bid amount (inclusive of EMD amount), immediately after the close of the auction and the balance amount along with 1% of the highest bid amount as a poundage fee within 15 (fifteen) days from close of the auction.