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

Order Date: September 28, 2026

Case Overview

The Recovery Officer of SEBI's Northern Regional Office issued this order to confirm the sale of an immovable property belonging to Rich Infra Developers India Limited and its directors (Harvinder Pal Singh, Gurpreet Singh Sidhu, Parampreet Singh Sidhu, and Baljinder Preet Singh). The recovery proceedings were initiated vide Recovery Certificate No. 2823 of 2020 dated February 05, 2020, under section 28A of the SEBI Act, 1992, for the defaulters' failure to refund monies to investors as directed by SEBI order no. WTM/GM/EFD/58/2018-19 dated September 27, 2018. The notice of demand was for recovery of ₹58,45,00,000 along with further interest, costs, charges, and expenses.

The Recovery Officer had attached the defaulters' properties through Prohibitory Order nos. RO/NRO/738/2023 and RO/NRO/1455/2026 dated June 09, 2023, and May 18, 2026, respectively. As the defaulters failed to repay the dues, a Notice of Sale dated June 12, 2026 (published in newspapers on June 14, 2026, with a Corrigendum dated July 03, 2026, and Addendum dated July 17, 2026) invited bids for the sale of immovable properties via e-auction on an "as is where is and whatever there is" basis. The last date for bid submission was July 15, 2026, and the e-auction was held on July 20, 2026.

Six bidders submitted Earnest Money Deposits (EMD) for the property: Land situated at Kadoli Village, Patan Taluk, Satara District, Maharashtra (Survey No. 3 & 4/5), with an area of 19.41 Acres. The e-auction was knocked down in favor of the highest bidder, Mr. Shashikant Taterao Bhakare (PAN: ALRPB6565B), for a bid amount of ₹1,41,50,000.

The successful bidder paid the full amount of ₹1,42,91,500 (including a 1% poundage fee) to SEBI's bank account in three installments: ₹4,95,000 on June 24, 2026 (towards EMD); ₹30,42,500 on July 20, 2026 (towards 25% of the bid amount minus EMD); and ₹1,07,54,000 on July 31, 2026 (towards the balance amount including poundage fee).

Final Outcome

Since no application was made to set aside the sale under Rule 60 of the Second Schedule to the Income Tax Act, 1961, and the full purchase money was paid, the Recovery Officer confirmed the sale of the property to Mr. Shashikant Taterao Bhakare under Rule 63(1) of the Second Schedule to the Income Tax Act, 1961. The sale is confirmed subject to the final outcome of the writ petition titled "Rich Infra Developers India Limited and Anr. v Union of India and Ors. - CWP - 21265-2026" pending before the Hon'ble High Court of Punjab and Haryana.

Topics: SEBI Recovery, Property Auction, Investor Protection