Sebi quizzes Sahara chief Subrata Roy, seeks asset details

Apr 10, 2013 |

mumbai

Market regulator Sebi today questioned Sahara group chief Subrata Roy and three other top executives about their assets and investments in connection with the high profile case involving refund of an estimated Rs 24,000 crore to over three crore investors.

In their personal appearance that lasted for about one hour, Roy and three other directors of Sahara companies were asked about their personal assets as also those of the companies so that Sebi can proceed with sale of these assets to realise the funds for refund to investors.

Sebi had summoned Roy, Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava for a personal appearance before its whole time member Prashant Saran through an order issued on March 26. After his appearance, Roy told waiting reporters that he was asked about his personal assets which he thought was a point for concern for Sebi.

“My personal assets appears to have troubled Sebi,” he said, while adding that most of the investors had been paid back and the remaining money to be refunded was with the market regulator. Roy said he was asked by Sebi whether he had any assets beyond those declared by him. “I was asked about my personal assets and I told them that I have declared all my assets.” He said that Sahara group was concerned about delay in refund by Sebi and accused the regulator of not having taken any steps for months together to return the money to those investors who have not been refunded as yet.

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