The Royal Twinkle, Citrus Check Inns properties will be auctioned off by the SEBI on September 25.

Sebi, the capital markets regulator, has scheduled 97 Royal Twinkle Star Club and Citrus Check Inns properties for auction on September 25 at a reserve price of more than Rs 350 crore. The move is part of the Sebi’s endeavour to recover cash worth thousands of crores of rupees obtained by firms under the guise of bogus “timeshare” vacation arrangements.

The Securities and Exchange Board of India (Sebi) said on Monday that it will auction up to 97 properties of the firms on September 25 at a reserve price of more than Rs 350 crore. Also, this auction will be an e-auction (online).

Land parcels, office space, a parking lot, and a shop in Maharashtra are among the properties up for auction.

In addition, the regulator will auction four cars owned by Royal Twinkle, Twinkle Hospitality, and Citrus Resorts for a total reserve price of Rs 8.28 lakh. Indica, Skoda Superb Elegance, and Mahindra Logan are among the vehicles included.

Apart from these, on September 17 the regulator would auction a few properties of the firms at a reserve price of Rs 68.54 crore.

Around 540 crore rupees worth of assets were auctioned off between November 2019 and January 2021.

According to a Supreme Court decision from December 2019, a committee headed by retired Justice J P Devdhar was directed to sell 114 properties owned by these firms within six months.

Citrus Check Inns and its directors were fined Rs 50 lakh by the Securities and Exchange Board of India (Sebi) in December 2018 for failing to comply with its decision prohibiting them from collecting public funds.

Several investor complaints had been filed with Sebi against Citrus, stating that Royal Twinkle directors were now administering their collective investment scheme (CIS) through Citrus.

After a four-year suspension in August 2015, Royal Twinkle and its four directors were found guilty of unlawfully generating more than Rs 2,656 crore in the name of timeshare schemes.

Furthermore, it had ordered the firm and its employees to refund the money as well as the promised returns to the investors within three months.