Sahara chief Subrata Roy appears before Sebi

Business

oi-Sneha

By Sneha B K

Published: Wednesday, April 10, 2013, 16:22 [IST]

Sahara group chief Subrata Roy and three other top executives today appeared before market regulator Sebi, which had summoned them in the high-profile case involving refund of an estimated Rs24,000 crore to over three crore investors.

Roy, along with Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava, were asked to come for personal appearance before Sebi's whole-time member Prashant Saran at the market regulator's headquarters in Mumbai.

The summons for the four persons, as directors of two Sahara firms, were issued by Sebi on March 26, to examine them for ascertaining details of their personal assets, as also the investments and assets of the companies, to move ahead with sale of immovable assets for realisation of money to be refunded to the investors.

During their personal appearance, they have been asked to produce original title deeds of all assets and investments of the two firms, Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL).

The two Sahara firms, SIRECL and SHCIL, have been asked by the Supreme Court to refund over Rs24,000 crore to their bondholders within three months.

In this apex court order dated August 31, 2012, Sebi was asked to facilitate the refund after verifying genuineness of investors.

Later on December 5, 2012, the court gave additional time to Sahara group and asked it to make an immediate payment of Rs5,120 crore, followed by Rs10,000 crore by the first week of January and the remainder by the first week of February.

PTI