Authority: Securities and Exchange Board of India (SEBI), Southern Regional Office, Chennai

Order Date: October 16, 2026

Case Overview

SEBI has initiated recovery proceedings vide Recovery Certificate No. 1725 of 2018 against M/s Asurre Agrowtech Limited and its directors namely Sh Sengen Thangappalam, Sh Shanmugam Rajendran, Sh P Saravanan, Sh R Devadoss, and Sh V Venkataramanujam (Defaulters) under Section 28A of the SEBI Act, 1992 read with the Second Schedule to the Income Tax Act, 1961. The proceedings have led to the sale of immovable property belonging to the defaulters through e-auction on an "AS IS WHERE IS", "AS IS WHAT IS", "WHATEVER THERE IS" and "WITHOUT RECOURSE" basis.

Adroit Technical Services Pvt. Ltd. has been appointed as the e-auction service provider, and the auction will be conducted through www.adroitvaluations.com. The property being auctioned is land situated at various survey numbers located at Anuppur Village, Vazhapadi Taluk, Salem District – 636139, Tamil Nadu (Document No. 4552/2010), with a total area of 33.40 acres spread across multiple survey sub-divisions.

The reserve price for the property is set at ₹9,46,59,120 (Nine Crore Forty-Six Lakh Fifty-Nine Thousand One Hundred Twenty Rupees Only). Intending bidders are required to submit an Earnest Money Deposit (EMD) equivalent to 10% of the reserve price (₹94,65,912) through EFT/NEFT/RTGS to SEBI's bank account (Virtual Account Code - SEBIRNCIS1725; Bank - Bank of India, IFSC - BKID00VAN04) on or before November 18, 2026, by 5:00 PM.

Final Outcome

SEBI will conduct the e-auction on November 20, 2026, from 11:00 AM to 1:00 PM (with possible auto-extension of 5 minutes if bids are received in the last 5 minutes). The highest bidder will be declared successful subject to confirmation by SEBI. The successful bidder must deposit 25% of the bid amount (inclusive of EMD) within 48 hours of receiving intimation and the balance 75% along with 1% poundage fee within 15 days of auction closure. All statutory dues, taxes, and conveyance charges are to be borne by the successful bidder. The Certificate of Sale will be issued within 45 days of auction closure if all conditions are met.

Topics: SEBI Recovery, Property Auction, Debt Enforcement