Authority: Hon'ble Justice S. P. Talukdar One Man Committee, appointed by the High Court of Calcutta
Order Date: Public Notice dated August 29, 2026 (referencing court orders from 2015 to 2023)
Case Overview
The One Man Committee was established pursuant to a judgment of the Hon'ble High Court of Calcutta dated December 23, 2015, in M.A.T. 559 of 2015 and connected applications (MPS Greenery Developers Ltd versus Bhaskar Dasgupta & Ors.). Justice Sailendra Prasad Talukdar was appointed to liquidate the assets of the MPS Group of companies to repay investors. Subsequently, through a series of orders between 2016 and 2023, the High Court expanded the Committee's mandate to include the liquidation of assets from ten additional group companies: Annex Infrastructure India Limited (30.08.2017), Pincon Group (06.08.2019), Pailan Group (06.04.2017), Vibgyor Group (15.02.2017), Kolkata Weir Industries Limited (05.12.2018), Ramel Industries Limited (31.01.2023), Multipurpose BIOS India Group (20.04.2017), Silicon Projects India Group (14.05.2018), Swarnabhumi Developers Group (10.04.2017), and Basil International Group (14.02.2018).
The principal matter involves the liquidation of immovable properties belonging to these 11 groups to recover funds for repaying defrauded investors. The Committee has directed SEBI to proceed with the auction of select properties from these entities. SEBI has engaged Quikr India Private Ltd. as the agency to conduct the online e-auction through https://auctions.quikr.com. The properties are to be sold on an "as is where is and whatever there is" basis, explicitly without any recourse to the Committee, SEBI, or the Agency regarding title, encumbrances, litigation, attachments, or liabilities. Intending bidders are solely responsible for verifying all details of the properties.
Final Outcome
SEBI, on behalf of the Committee, has issued a public notice inviting bids for the e-auction of 29 specified immovable properties. The key terms of the sale are:
- Earnest Money Deposit (EMD): Bidders must submit an EMD equivalent to 10% of the reserve price for the desired property via RTGS/NEFT to the bank account "Justice S. P. Talukdar One Man Committee" by September 25, 2026, up to 5:00 PM. Specific account numbers are provided for each company group.
- Auction Process: The online e-auction will be conducted on the Quikr platform. Bids must be placed in multiples of the specified "Bid Increase Amount" (ranging from ₹50,000 to ₹10,00,000).
- Payment Terms: The successful highest bidder must deposit 25% of the bid amount (less the EMD) within one week of the auction closure. The remaining 75% balance, plus a 1% poundage fee on the highest bid amount, must be paid as per the timelines intimated by SEBI.
- Sale Confirmation: The sale becomes absolute 25 days after the deposit of the entire amount by the successful bidder, unless cancelled by the Committee or the High Court.
- Sale Certificate: The Committee will issue a Certificate of Sale within 30 days of the completion of the entire auction process.
- Property Inspection: Physical inspection of properties is scheduled between September 7 and September 18, 2026. Inspection of scanned title documents will be allowed after registration. Requests for inspection must be submitted by September 6, 2026 to auctions@quikr.com, recoveryero@sebi.gov.in, and sptcwb@gmail.com.
The notice includes a detailed schedule (Table-2) of the 29 properties being auctioned, their descriptions, reserve prices, EMD amounts, bid increment amounts, and specific inspection dates. The total combined reserve price for all listed properties is ₹109,28,08,221. The properties range from land parcels to residential flats, office spaces, and hotel buildings, located primarily in West Bengal.
The entire process is subject to the exclusive jurisdiction of the Committee and the Hon'ble High Court of Calcutta. The Committee reserves the right to accept or reject any bid, postpone, or cancel the sale without assigning any reason.
Topics: Asset Liquidation, Investor Repayment, E-Auction