The paper value of properties belonging to Mohan India, the second-largest borrowing group, which owes investors Rs 922 crore, is Rs 601 crore, NK Proteins (Rs 455 crore), Yathuri Associates (Rs 357 crore), PD Agro (Rs 276 crore) and LOIL group (Rs 252 crore).
"This is a preliminary valuation based on the paper value of 173 immoveable properties, 15 vehicles, shares and investments worth Rs 6.5 crore, which we have frozen that belong mainly to borrowers and few NSEL employees such as Anjani Sinha (former MD & CEO)," said Rajvardhan , additional commissioner of police, EOW.
"The market value of these properties is much higher, which will be ascertained by a recognised, registered valuer, who will complete the exercise in around 30-40 days after we appoint one."
The market value of the seized properties will be much higher but liquidating them to recover money could be a long-drawn affair as the borrowers and other accused would contest the invocation of the MPID Act, 1999 by the police to recover investors' money.
However, police sources added that the properties could be liquidated once they filed the charge sheet in the case.
Courtesy:
ET Bureau Dec 1, 2013, 06.34AM IST
http://articles.economictimes.indiatimes.com/2013-12-01/news/44596791_1_nk-proteins-mohan-india-yathuri-associates
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