Sebi not to auction property in PVP Global Ventures case after court order

NEW DELHI: Sebi on Friday said the proposed property auction on May 12 to recover dues in the matter of PVP Global Ventures will not be conducted following a Telangana High Court order.

The markets regulator in a notice on April 19 announced that a property of PVP Global Ventures at a reserve price of Rs 22.55 crore on May 12 will be conducted.

The property put on sale was vacant land in Telangana.

“Hon’ble High Court of Telangana has disposed of the writ petition…(filed by PVP Global Ventures Private Limited and another) with certain directions and has set aside the e-auction notice of Sebi issued on April 19, 2021, in the matter of recovery proceedings initiated against Prasad V Potluri and PVP Global Ventures Private Limited,” Sebi said in a notice on Friday.

In terms of the directions, the proposed e-auction pursuant to the sale notice dated April 19, 2021, cannot be held, it added.

Earlier, Securities and Exchange Board of (Sebi) had invited bids by May 10 from the intending bidders along with an amount equivalent of 10 per cent of the reserve price as earnest money deposit (EMD) for the sale of the property.

The online auction was scheduled to take place on May 12 between 11 am and 12 pm.

“The said properties standing in the names of Arete Real Estate Developers Private Limited and Expressions Real Estates Private Limited were attached in the recovery proceedings, as offered by the said entities along with no objection for realisation the dues from Shri Prasad V Potluri and PVP Global Ventures Private Limited, through sale thereof,” Sebi had said.

In March 2015, Sebi had imposed a fine of Rs 15.15 crore each on PVP Global Ventures (formerly known as PVP Energy) and Potluri for allegedly indulging in insider trading and not complying with disclosure norms.