The Odisha Government received a big jolt as no bidders turned up at the e-auction of some confiscated properties of chit fund company Rose Valley Corporation on Wednesday.
“No bidders came forward for the e-auction of the properties of the Rose Valley Corporation today. We will have to go for e-auction again soon as per the proceedings,” said Cuttack ADM BB Das.
Das said the landed properties measuring around seven acres were available at base price of `7.31 lakh and the flats were available at `3.69 crore. The Cuttack district administration had already taken possession of `47 crore of the company deposited in several banks’ accounts.
A designated court of ADJ here in April had allowed the Cuttack ADM to sell through public auction the attached properties of the company and distribute the realised amount among the investors of the firm equitably.
This was for the first time that armed with an order from the designated court; the State Government had put up confiscated properties of a chit fund firm for auction under the provisions of the OPID Act-2011.
Sources said that 45 decimals of land in the Nilgiri area of Baleswar district and four flats at the Utkal Signature Complex on the Cuttack-Bhubaneswar road which is part of the confiscated properties of the Rose Valley Corporation were put up for auction at the MMTC ltd website. Bidders were required to make bids from 11 am to 3 pm.
The Special Court dealing with the chit fund scam had allowed the State Government in 2015 to confiscate moveable and immoveable properties of the Rose Valley Corporation.