Odisha govt to again put up Rose Valley property on auction

Swetaparna Published On : May 11, 2016 at 5:57 PM Updated On : May 11, 2016 at 6:03 PM

Odisha Sun Times Bureau
Cuttack, May 11:

The Odisha government today announced to put on e-auction again some confiscated properties of Ponzi firm Rose Valley Corporation on May 31.

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“Four flats and 45 decimal land of Rose Valley chit fund company will be again put up for e-auction on May 31,” informed Cuttack ADM Bibhuti Bhusan Das.

This will be the second time these properties will be put up for auction by the state government since no bidders turned up to take confiscated properties of the Ponzi firm.

The state government had put up the same properties for auction for the first time on May 4 after it was duly cleared by the designated court.

The state government is putting up the confiscated properties of chit fund firms for auction under the provisions of the OPID Act-2011.

Sources said that 45 decimals of land in Nilgiri area of Balasore district and four flats in the Utkal Signature Complex on the Cuttack-Bhubaneswar road which is part of the confiscated properties of Rose Valley Corporation will be again put up for auction at the MMTC Ltd website. Bidders will be required to place bids on the website.

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