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 initiated recovery proceedings under Section 28A of the SEBI Act, 1992 read with the Second Schedule to the Income Tax Act, 1961 against Rich Infra Developers India Limited and its directors Shri Harvinder Pal Singh, Shri Gurpreet Singh Sidhu, Shri Parampreet Singh Sidhu and Shri Baljinder Preet Singh. This action is pursuant to Recovery Certificate No. 2823 of 2020 dated February 05, 2020. SEBI is now conducting an e-auction of the company's immovable properties through the platform provided by Quikr India Private Limited to recover the outstanding dues.

A writ petition titled "Rich Infra Developers India Limited and Anr. v Union of India and Ors. - CWP – 21265-2026" is pending before the Hon'ble Punjab and Haryana High Court concerning these properties. Consequently, the e-auction process and any subsequent confirmation of sale are strictly subject to the final outcome or further orders of the High Court.

The properties are being sold on an "as is where is and whatever there is" basis. SEBI and the auction agency explicitly disclaim any representation or warranty regarding the title, encumbrances, measurements, or liabilities attached to the properties. All statutory dues, taxes, and charges are to be borne solely by the successful bidder.

Final Outcome

SEBI has issued a notice for the e-auction of two properties with the following details:

1. Land at Savali Bujurg Village, Wardha, Maharashtra: Area 3782.16 Sq mts, Reserve Price ₹65,10,100, EMD ₹6,51,000, Bid Increase Amount ₹1,00,000.

2. Land at Khot Village, Hoshiarpur, Punjab: Area 56.40 Acres, Reserve Price ₹1,80,90,000, EMD ₹18,09,000, Bid Increase Amount ₹1,50,000.

The e-auction is scheduled for September 22, 2026, from 11:00 AM to 1:00 PM, with an auto-extension feature of 5 minutes if a leading bid is received in the final 5 minutes. Intending bidders must submit their Earnest Money Deposit (EMD) of 10% of the reserve price to SEBI's bank account by September 18, 2026, 5:00 PM, and complete their online registration with KYC documents by the same deadline.

The successful bidder must deposit 25% of the bid amount (inclusive of EMD) within 48 hours of being declared the highest bidder and the remaining 75% along with a 1% poundage fee within 15 days of the auction's closure. Failure to comply will result in the forfeiture of the deposited amounts. The EMD of unsuccessful bidders will be refunded without interest after the auction concludes.

Topics: SEBI Recovery, Property Auction, Legal Proceedings