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

Order Date: November 6, 2026

Case Overview

Securities and Exchange Board of India (SEBI) initiated recovery proceedings vide Recovery Certificate No. 1804 of 2018 dated November 22, 2018 under section 28A of the SEBI Act, 1992 read with sections 220 to 227, 228A, 229, 232 and the Second and Third Schedule of the Income Tax Act, 1961. The proceedings were against Kim Infrastructure & Developers Limited and its Directors, namely Mr. Ravinder Singh Sidhu, Mr. Rajesh Kumar, Mr. Sukhpal Singh Barar, and Mr. Sanjib Sikdar (collectively referred to as 'the Defaulters'). This action was taken due to their failure to refund monies to investors as directed by SEBI order no. WTM/PS/51/CIS/NRO/DEC/2014 dated December 08, 2014. A Notice of demand dated February 05, 2020 was issued for the recovery of Rs. 227,19,18,987 along with further interest, costs, charges, and expenses.

The Recovery Officer attached the defaulters' immovable properties through Prohibitory order nos. RO/NRO/182/2020, RO/NRO/224/2022, and RO/NRO/1081/2024 dated November 10, 2020, May 24, 2022, and October 10, 2024, respectively. These orders prohibited the defaulters from disposing of, transferring, alienating, or charging the specified properties.

As the defaulters failed to repay the dues, a Notice of sale dated August 21, 2026 (published in newspapers on August 23, 2026, with a Corrigendum dated August 24, 2026) invited bids for the sale of the immovable properties on an "as is where is and whatever there is" basis via e-auction. The last date for bid submission and Earnest Money Deposit (EMD) was September 18, 2026, and the e-auction was held on October 18, 2026.

For the agricultural land (16.053 hectares) in village Maharajpura, Tehsil & District Gwalior, Madhya Pradesh (Property Sr. No. 1), SEBI received EMD from 11 bidders: Ojas Colonizer and Developers LLP, Silvrr Mist Retail Private Limited, New Eoan Associates, Saurabh Patodi, Parkmill Industries Private Limited, Balaji Steels, Symcom Exim Private Limited, Chinar Steel Segment Centre Pvt. Ltd., Ambytth Space Llp, and Mahesh Kumar Keswani.

The e-auction was knocked down in favor of the highest bidder, Parkmill Industries Private Limited, for a bid amount of Rs. 30,52,50,000 (Rupees Thirty Crore Fifty-Two Lakhs and Fifty Thousand Only).

Final Outcome

The successful bidder, Parkmill Industries Private Limited (PAN-AAKCP8158M), complied with the payment terms. They paid the full amount of Rs. 30,83,02,500 (Rupees Thirty Crore Eighty-Three Lakhs Two Thousand and Five Hundred Only), which includes a 1% poundage fee, within the stipulated timelines: Rs. 1,37,25,000 as EMD on September 18, 2026; Rs. 6,25,87,500 (25% of bid minus EMD) on October 8, 2026; and the balance Rs. 23,19,90,000 on October 19, 2026.

As no application was made under Rule 60 of the Second Schedule to the Income Tax Act, 1961 to set aside the sale, the Recovery Officer, in exercise of powers under section 28A of the SEBI Act, 1992 read with Rule 63(1) of the Second Schedule to the Income Tax Act, 1961, confirmed the sale of the property to Parkmill Industries Private Limited. The sale is now absolute.

Topics: SEBI Enforcement, Debt Recovery