Mumbai, Jul 30 (IANS): The Securities and Exchange Board of India (SEBI) will auction 18 properties of Asurre Agrowtech at a reserve price of nearly Rs 21 crore in a bid to recover money of investors put in an illegal investment scheme of the company.

In a notice on Thursday, the securities market regulator invited bids from the intending bidders along with an amount equivalent of 10 per cent of the Reserve Price as Earnest Money Deposit (EMD).

The online auction will take place on August 30. The notice said that auction will commence at the highest price, not below Reserve Price offered by the intending bidder in the bid form and subsequent bidders can improve their bids in multiples of "Bid Increase Amount".

The properties put up for sale are land parcels in Tamil Nadu.

Last November, SEBI had asked investors of Asurre Agrowtech to submit their claims for refund of money invested by them in the companies' illegal investment schemes. The capital markets watchdog had asked investors to submit their refund applications by February 29, 2020