SEBI to sell off Royal Twinkle and Citrus Check Inns properties.

Capital markets regulator Sebi announced on Friday that it has scheduled an auction on July 15 for as many as 39 properties owned by Royal Twinkle Star Club Pvt Ltd and Citrus Check Inns Ltd, with a reserve price of Rs 66.51 crore. The move is part of Sebi’s effort to recover funds raised by the entities totalling thousands of crores of rupees.

The Securities and Exchange Board of India (Sebi) announced the auction on July 15, 2022, from 11 a.m. to 1 p.m. Office premises, residential flats, land parcels, shops, land & buildings in Gujarat, Maharashtra, Goa, Daman, and Dadra and Nagar Haveli are among the properties up for auction.

More than 266 properties were auctioned off between November 2019 and March 2022, with a reserve price of Rs 1,297 crore.

The move followed a Supreme Court judgement in December 2019 for the sale-cum-monitoring committee, led by retired Justice J P Devdhar, to sell 114 properties owned by the firms within six months.

Citrus Check Inns and its directors were fined Rs 50 lakh by Sebi in December 2018 for failing to comply with its order, which prevented them from raising funds from the general public.

Sebi has received multiple investor complaints against Citrus, stating that Royal Twinkle’s directors were administering their Collective Investment Scheme (CIS) through Citrus.

The regulator had issued a four-year ban on Royal Twinkle and its four directors in August 2015 for illegally generating over Rs 2,656 crore in the guise of bogus “timeshare” holiday plans.

Furthermore, it had asked the company and its administrators to repay the money to the investors, along with the promised returns, within three months.