Capital markets regulator Sebi said on Thursday it would auction nine properties belonging to four companies – Infinity Realcon, Bharat Krishi Samriddhi Industries, Ravi Kiran Realty India and Sunheaven Agro India on March 13 to recover investors’ money.

These companies raise funds from investors without complying with regulatory norms.

The nine properties to be auctioned include land plots and a multi-storey building in West Bengal. The aggregate reserve price of the properties is fixed at Rs 3 million, the Securities and Exchange Board of India (Sebi) said in a notice.

Inviting bids, Sebi said the auction of the properties would be conducted online mode on March 13 from 10:30 am to 12:30 pm. Of the nine properties up for auction, four belong to Bharat Krishi Samriddhi Industries; three are linked to Infinity Realcon and one from Sunheaven Agro India and Ravi Kiran Reality India.

The regulator said bidders should conduct independent inquiries into encumbrances, title to auctioned properties and claims before submitting bids.

“These properties are sold with all present and future encumbrances, whether known to Sebi or not. Sebi is not in any way responsible for any third-party claims/rights/dues etc.,” the notice said.

Sebi had earlier attached some of the properties of these companies after an order for them to return investors’ funds with interest did not materialize. In this matter, the market watchdog also attached demat and bank accounts.

Following Sebi’s order, Bharat Krishi raised public funds through the issuance of redeemable preference shares (RPS) and non-convertible redeemable debentures (NCD) in 2012 and 2013. Infinity Realcon issued RPS to nearly 25,000 investors. More than Rs 19 crore was raised during 2009-10 to 2012-13. Besides, Rs 1 crore was raised through a bond issue.

Also, Sunheaven Agro issued redeemable preference shares to some 7,772 investors and raised Rs 11.54 crore between 2009-10 and 2012-13, while Ravi Kiran raised funds by issuing redeemable preference shares to 1,176 people.