Unable to find any taker for the confiscated properties of tainted chit fund company Rose Valley Group, the Cuttack district administration has decided to auction its properties again on May 31.
“We have decided to auction the properties inviting interested bidders to participate in the e-auction scheduled between 11 am and 3 pm on May 31,” informed Cuttack ADM BB Das, who has been appointed as the receiver of the properties by a special court here dealing with cases pertaining to the chit fund scam.
Four flats of the Rose Valley company in an apartment near Pahala on the outskirts of the city and three homestead plots at Nilgiri in Baleswar district were listed to be sold in public auction on May 4. Since no one took interest in these properties, the administration has floated the second offer without changing their base prices.
“The question of changing the base prices or any other conditions of the auction will arise only when we fail to get any bidder on May 31,” Das informed, saying a decision to this effect would be taken by the district Collector after due deliberations at the appropriate forum.
While the base prices of the flats have been pegged at `88.25 lakh, `81.95 lakh, `98.75 lakh and `1.10 crore, the homestead plots measuring 0.45 acre is priced at `7.31 lakh, sources said, adding that the prices are fixed on the higher side of their market values.
The designated court here had earlier allowed the receiver to auction the properties of the company and distribute the realised amount equitably among the investors after taking an ex-parte decision.
The Economic Offences Wing (EOW) of the Crime Branch had seized the properties that include a patch of 17 acres of land and buildings on it worth over `11 crore, 32 bank accounts having deposits of over `51 crore and cash of `47 lakh from around 65 branches of the company spread across the State.