The property owned by the companies, and put up on the block includes 10,500 sq ft premises on the 17th floor of Trade World building in Lower Parel at Mumbai. This property has a reserve price of Rs25.60 crore.
The property in Bengaluru is located at Bellandur village with an area of about 13,941 sq ft and hotel building with a built up area of 55,000 sq ft for which Rs32 crore is the reserve price.
Both Royal Twinkle Star Club and Citrus Check Inns also own land properties, some of which are mentioned in the auction. This includes about 1500 sq meter land in Lonavala with a building consisting 34 rooms, three conference rooms, kitchen, and restaurant standing on about 640.48 sq mt land. Another lands owned by the companies in the auction list include 1257.10 sq meter land with hotel building, land properties of 1195.66 sq meter and 4307.32 sq meter as well in Lonavala. The reserve prices for all these properties is Rs35.25 crore.
There are two plots of 1 Acre and 98 cents and 4.05 ares (one are is 100 sq meter) and 5.50 ares in block no 10 in Paravoor muri in Appappuzha district of Kerala that is being auctioned by SEBI. These plots carries a reserve price tag of Rs15.31 crore.
The Supreme Court is monitoring a phase-wise sale of Royal Twinkle Star Club and Citrus Check Inns to protect the interests of investors. Last year in October, the apex court appointed senior counsel Shyam Divan as Amicus Curiae to assist the Court in this case. Mr Divan, who was counsel for one of the petitioners in the case, agreed to give up his brief (case) and take up the role of Amicus Curiae. An amicus curiae (literally, 'friend of the court') is one who assists a court by offering information, expertise, or insight that has a bearing on the issues in the case.
Both the companies have raised about Rs7,500 crore from over 18 lakh investors through a collective investment scheme (CIS). This scheme was sold to investors by agents appointed by the companies.
Citrus Check Inns is the new avatar of Royal Twinkle Star Club, infamous for selling holiday packages to gullible people on monthly instalment basis and promising high returns on their investment. Several agents of both these entities were found hard selling these as investment plans just to earn more commission and also recruiting new agents for marketing it.
Both RTSC and Citrus Check Inns are owned by Mumbai-based Mirah group, which runs hotels under the name Citrus and retail food chain restaurants such as Rajdhani, Mad Over Donuts and Falafels. Citrus Check Inns website claims that it gives freedom to its members to travel over 30 Indian and 3,000 overseas destinations.
Earlier in August 2015, market regulator Securities and Exchange Board of India (SEBI) has directed Royal Twinkle Star Club Ltd (RTSC) and its four directors to refund within three months, money collected from investors under its holiday package plans. The markets regulator also refused to lift a ban on Citrus Check Inns (new avatar of RTSC) and its directors in a 'collective investment scheme' (CIS) case promising returns on 'holiday plans'. (Read: Royal Twinkle Star Club, directors asked to wind up ‘holiday’ investment schemes