Authority: Securities and Exchange Board of India Northern Regional Office
Order Date: October 27, 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, prohibiting disposal or transfer of properties.
Due to continued non-payment, SEBI issued Notice of sale dated August 21, 2026 (published in newspapers on August 23, 2026, with Corrigendum dated August 24, 2026) inviting bids for sale of immovable properties through e-auction on "as is where is and whatever there is" basis. The last date for bid submission and Earnest Money Deposit (EMD) was September 18, 2026, with e-auction held on September 22, 2026.
Seven bidders submitted EMD for the property at Khot Village, Garhshankar Tehsil, Hoshiarpur District, Punjab-144527, measuring 56.40 acres. The e-auction was knocked down in favor of the highest bidder, Ambytth Space LLP, for a bid amount of Rs. 3,50,40,000 (Rupees Three Crore Fifty Lakhs and Forty Thousand Only).
The successful bidder deposited the full amount of Rs. 3,53,90,400 (Rupees Three Crore Fifty-Three Lakhs Ninety Thousand and Four Hundred Only) including 1% poundage fee within the stipulated timelines: EMD of Rs. 18,09,000 on September 18, 2026; 25% of bid amount minus EMD (Rs. 69,51,000) on September 23, 2026; and balance amount including poundage fee (Rs. 2,66,30,400) on September 30, 2026.
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, and full purchase money has been paid, the Recovery Officer confirms the sale of the property to Ambytth Space LLP (PAN-ACMFA1781A) 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 "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