Authority: Hon'ble Justice S. P. Talukdar One Man Committee (appointed by Calcutta High Court)

Order Date: Notice dated August 29, 2026 (referencing court orders from 2015-2023)

Case Overview

The One Man Committee was established pursuant to Calcutta High Court judgment dated December 23, 2015 in M.A.T. 559 of 2015 with connected applications, initially for liquidating assets of MPS Group of companies to repay investors. Subsequently, through multiple orders between 2016-2023, the Committee's mandate was expanded to include 10 additional group companies: Annex Infrastructure (30.08.2017), Pincon Group (06.08.2019), Pailan Group (06.04.2017), Vibgyor Group (15.02.2017), Kolkata Weir Industries (05.12.2018), Ramel Industries (31.01.2023), Multipurpose BIOS India (20.04.2017), Silicon Projects India (14.05.2018), Swarnabhumi Developers (10.04.2017), and Basil International (14.02.2018).

The Committee has directed SEBI to proceed with e-auction of select immovable properties from these 11 group companies. Quikr India Private Ltd has been engaged as the auction agency. The properties are being sold on "as is where is and whatever there is" basis without any recourse to the Committee, SEBI, or the Agency regarding encumbrances, litigations, or title defects.

Final Outcome

SEBI invites bids for 29 properties with a total reserve price of ₹109,34,77,318. Key auction details:

  • Earnest Money Deposit: 10% of reserve price payable by September 25, 2026, 5:00 PM
  • Auction dates: September 29, 2026, at various times (11 AM to 1 PM for first property)
  • Inspection period: September 7-18, 2026 (requests must be submitted by September 6, 2026)
  • Payment terms: Successful bidder must deposit 25% of bid amount (inclusive of EMD) within 1 week of auction closure, and balance 75% plus 1% poundage fee within stipulated timeline
  • Sale becomes absolute after 25 days of full payment unless cancelled by Committee
  • Certificate of Sale issued within 30 days of completion of auction process

Properties include residential flats, commercial spaces, land parcels, and hotel buildings across West Bengal districts (North 24 Parganas, South 24 Parganas, Hooghly, Purba Bardhaman, Paschim Bardhaman, Purba Medinipur, Bankura, Howrah, Purulia). The highest value property is KW-1 (Kolkata Weir) with reserve price ₹11,21,20,000 (92.5 decimal land in South 24 Parganas), while the lowest is V-6 (Vibgyor) at ₹13,63,824 (18 decimal jal/jaljami land in Purba Medinipur).

The auction process allows for offering the property to the top three bidders (H1, H2, H3) in case of default by the highest bidder. All statutory charges including stamp duty, registration fees, taxes, and other dues are to be borne by the successful bidder.

Topics: Asset Liquidation, Court-Mandated Auction, Investor Repayment