While the general public is still reluctant to participate in the auction bid to buy the confiscated properties of tainted chit fund companies, a designated court here on Monday again ordered sale through the public auction of the properties of another chit fund company.
The special court headed by an ADJ dealing exclusively with the chit fund cases had earlier ordered to sale the properties of three other chit fund companies. The competent authorities were asked to distribute the realised amount equitably among all the investors of that company.
The court in an ex-parte order asked the Cuttack ADM BB Das, who is appointed as competent authority, to sell through auction the attached properties of Sai Pragati Company and distribute the sale proceeds among the investors equitably after identifying the investors.
The Economic Offences Wing (EOW) of State police had earlier seized over 47 acres of landed properties of the Sai Pragati. The police had also seized 14 bank accounts of the cmpany having a combined deposit of nearly Rs 2.77 crore.
The landed properties of it are in Cuttack and Bhubaneswar, sources said.
The designated court had earlier made similar orders to sale through public auction the confiscated properties of the Rose Valley Group of Companies, the GlP Developers and the properties of the Astha International.
But surprisingly, there were no takers for these properties and not a single property of the tainted companies is sold yet.
In compliance to a February 2015 court order, when the competent authority wanted to sale through auction of the Rose Valley properties on May 2 this year, not a single bidder expressed interest in buying the properties. The authorities have decided to auction them again on May 31.