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

Order Date: June 12, 2026

Case Overview

SEBI has initiated recovery proceedings under Section 28A of the SEBI Act, 1992 read with the Second Schedule to the Income Tax Act, 1961, vide Recovery Certificate No. 2823 of 2020 dated February 05, 2020, against Rich Infra Developers India Limited and its directors namely Harvinder Pal Singh, Gurpreet Singh Sidhu, Parampreet Singh Sidhu, and Baljinder Preet Singh (defaulters). As part of these proceedings, SEBI is conducting an e-auction sale of four immovable properties attached from the defaulters on an "as is where is and whatever there is" basis. Quikr India Private Limited has been engaged as the e-auction service provider, with the auction to be conducted through their platform https://www.quikrrealty.com.

The properties being auctioned are:

1. Land at Shengaon Village, Rajura Taluk, Chandrapur, Maharashtra (335 Sq Mts) with a Reserve Price of ₹4,82,400 and EMD of ₹48,240.

2. Land at Savali Bujurg Village, Karanja Taluka, Wardha, Maharashtra (3782.16 Sq mts) with a Reserve Price of ₹78,12,051 and EMD of ₹7,81,205.

3. Land at Sabkund Village, Katol Taluka, Nagpur, Maharashtra (2.48 Hectare) with a Reserve Price of ₹26,10,000 and EMD of ₹2,61,000.

4. Land at Khot Village, Garhshankar Tehsil, Hoshiarpur District, Punjab (56.40 Acres) with a Reserve Price of ₹1,80,90,000 and EMD of ₹18,09,000.

The combined total Reserve Price for all properties is ₹21,094,451. The auction is scheduled for July 20, 2026, from 11:00 AM to 1:00 PM, with an auto time extension feature of 5 minutes if a market-leading bid is received within the last five minutes of closing time.

Final Outcome

This notice constitutes an invitation for bids for the e-auction sale. The highest bidder will be declared the successful bidder subject to confirmation by SEBI. The successful bidder must deposit 25% of the bid amount (inclusive of EMD) within 48 hours of intimation and the balance 75% along with a 1% poundage fee within 15 days of the auction closure. The sale is final upon confirmation and issuance of a Certificate of Sale, which SEBI will endeavor to issue within 45 days of the auction closure. All payments of statutory dues, taxes, and conveyance charges are the sole responsibility of the successful bidder.

Topics: SEBI Recovery, Property Auction