New Delhi, February 25 (HS): Market regulator Securities and Exchange Board of India (SEBI) has cautioned people against buying and dealing in any property related to HBN Dairies and Allied Limited.

In a statement issued on Tuesday, SEBI has warned the public against buying and dealing in any property of HBN Dairies and Allied Limited. This warning statement of the regulator has come after SEBI came to know that some individuals or entities are interfering in the auction process by spreading false rumors, pretending to be SEBI officials and encroaching on the properties of HBN.

The regulator said that such things are not only misleading potential buyers but also hampering SEBI's e-auction process. In a notice issued last week, SEBI had cautioned people against buying/dealing in any property in which HBN, its directors or any of its associates/subsidiaries/associated companies have any interest or right directly or indirectly.

The capital market regulator also said that no person is allowed to illegally occupy or interfere with the property of HBN, its directors or its subsidiaries and associate companies. Action will be taken against any such unauthorized action as per appropriate law.

SEBI also said that as per the orders of the Supreme Court, it has full right to sell the property of HBN, its directors and its associated companies. This also includes such properties where HBN has any direct or indirect interest. SEBI's move is regarding the amount of Rs 1,136 crore raised by HBN through collective investment schemes in an illegal manner.

Capital market regulator SEBI has started the process of selling the assets after HBN and its directors Harminder Singh Saran, Amandeep Singh Saran, Manjit Kaur Saran and Jasbir Kaur failed to return the investors' money.

Hindusthan Samachar / Jun Sarkar