Authority: Securities and Exchange Board of India (SEBI), Recovery Officer

Order Date: August 21, 2026

Case Overview

The Securities and Exchange Board of India (SEBI) has issued a notice for the e-auction sale of an immovable property attached under recovery proceedings initiated under Section 28A of the SEBI Act, 1992. The proceedings are against Kim Infrastructure & Developers Limited and its directors—Mr. Ravinder Singh Sidhu, Mr. Rajesh Kumar, Mr. Sukhpal Singh Barar, and Mr. Sanjib Sikdar—pursuant to Recovery Certificate No. 1804 of 2018 dated November 22, 2018. The property is being sold on an "as is where is and whatever there is" basis to recover public money. Quikr India Private Limited has been appointed as the e-auction service provider, and the auction will be conducted on its platform (auctions.quikr.com).

The property for auction is a 16.053-hectare agricultural land situated in village Maharajpura, Tehsil & District Gwalior, Madhya Pradesh (474001). The reserve price is fixed at ₹13,72,50,000 (Rupees Thirteen Crore Seventy Two Lakh Fifty Thousand). Interested bidders must submit an Earnest Money Deposit (EMD) equivalent to 10% of the reserve price, amounting to ₹1,37,25,000, via EFT/NEFT/RTGS to SEBI's bank account. The bid increase amount for the auction is ₹10,00,000.

Final Outcome

SEBI will conduct the e-auction on September 22, 2026, from 11:00 AM to 1:00 PM. The highest bidder, subject to confirmation by SEBI, will be declared the successful bidder. The successful bidder must deposit 25% of the bid amount (inclusive of EMD) within 48 hours of intimation and the remaining 75% along with a 1% poundage fee within 15 days of the auction's closure. All payments are to be made to SEBI's designated bank account (Bank of India, A/c No. 012210210000013, IFSC: BKID0000122, or Virtual A/c: SEBIRNCIS1804, IFSC: BKID00VAN04). The EMD for unsuccessful bidders will be refunded without interest after the auction process concludes. The sale is final upon confirmation, and a Certificate of Sale will be issued by SEBI within 45 days, provided all conditions are met.

Topics: SEBI Recovery, Property Auction