No takers for Rose Valley assets in Odisha in second round bidding too

Odisha Sun Times Bureau
Bhubaneswar, May 31:

The second attempt for e-auction of the assets of Ponzi firm Rose Valley Group has turned out to be a futile exercise as no bidder came forward to buy the assets.


rose valley

After the failed bid on May 4, the Cuttack district administration had decided to conduct fresh bidding on May 31. The online bidding was conducted by government-owned MSTC Ltd from 11 am till 3 pm. However, it failed to draw the interest of the prospective buyers this time too.

With this, the administration has decided not to conduct any further e-auction of the immovable properties put up for sale.

According to informed sources, the Additional District Magistrate (ADM) will refer the matter to Cuttack Collector seeking a reconsideration of the base price of the assets.

Notably, the base price of the four commercial and residential flats at Pahala on the outskirts of Odisha capital and 45 decimal land at Shyamsundarpur under Nilagiri block in Balasore district.

A Special Court dealing with chit fund scam had allowed the state government in 2015 to confiscate moveable and immoveable properties of Rose Valley Group.

The base price of the four flats was put at Rs 88.25 lakh, Rs 81.95 lakh, Rs 98.75 lakh and Rs 1.10 crore respectively, while the base price of the three plots measuring 45 decimal was set at Rs 7.31 lakh, sources added.

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