Authority: Securities and Exchange Board of India Northern Regional Office
Order Date: September 28, 2026
Case Overview
SEBI initiated recovery proceedings vide Recovery Certificate No. 2823 of 2020 dated February 05, 2020 under section 28A of the SEBI Act, 1992 against Rich Infra Developers India Limited and its directors (Harvinder Pal Singh, Gurpreet Singh Sidhu, Parampreet Singh Sidhu and Baljinder Preet Singh) for failure to refund monies to investors as directed vide SEBI order no. WTM/GM/EFD/58/2018-19 dated September 27, 2018. The Notice of demand dated February 05, 2020 was issued for recovery of Rs. 58,45,00,000 along with further interest, costs, charges and expenses.
The Recovery Officer attached the immovable properties of the defaulters through Prohibitory order nos. RO/NRO/738/2023 and RO/NRO/1455/2026 dated June 09, 2023 and May 18, 2026 respectively. Since the defaulters failed to repay the dues, SEBI conducted an e-auction of the property through Notice of sale dated June 12, 2026 (published in newspapers on June 14, 2026, with Corrigendum dated July 03, 2026 and Addendum dated July 17, 2026).
The e-auction for the property at Sabkund Village, Katol Taluka, Nagpur, Maharashtra (Area: 1.48 Hectare) was held on July 20, 2026. The property was knocked down in favour of the highest bidder, Mr. Ajay Yeshwant Meshram, for a bid amount of Rs. 57,67,100/- (Rupees Fifty-Seven Lakhs Sixty-Seven Thousand and One Hundred Only).
The successful bidder deposited the full amount of Rs. 58,24,771/- (Rupees Fifty-Eight Lakhs Twenty-Four Thousand Seven Hundred and Seventy-One Only) including 1% poundage fee within the stipulated time frame: Rs. 2,61,000 on 24.06.2026 towards EMD (10% of Reserve Price), Rs. 12,85,065 on 20.07.2026 towards 25% of the Bid Amount minus EMD, and Rs. 42,78,706 on 31.07.2026 towards the balance amount including poundage fee.
Final Outcome
Since no application was made for setting aside the sale under Rule 60 of the Second Schedule to the Income Tax Act, 1961, the Recovery Officer confirmed the sale of the property to Mr. Ajay Yeshwant Meshram (PAN: CODPM2918G) under Rule 63(1) of the Second Schedule to the Income Tax Act, 1961. The confirmation is subject to the final outcome of writ petition CWP-21265-2026 titled "Rich Infra Developers India Limited and Anr. v Union of India and Ors." pending before the Hon'ble High Court of Punjab and Haryana.
Topics: SEBI Recovery, Property Auction