Mumbai, Apr. 10 (ANI): Market regulator Securities and Exchange Board of India (Sebi) on Wednesday questioned Subrata Roy, the chief of the Sahara conglomerate, 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.
Roy, who made his personal appearance before Sebi, 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.
“I informed them that my biggest worry is so many of our people have not been paid, since the past seven months; SEBI has not taken any initiative in this direction to provide payments. Also no probe has been initiated by SEBI, which is in the same time conducting media trials in order to mint more money. So, I requested them to pay attention to these issues as the money for payments due since seven months is lying with the body,” said Roy.
“We have to return the money which will remain stuck with them till the time there is no verification,” he added.
The Sahara boss also said that until Sebi initiated a move, payments to investors would remain jammed.
“I requested them to hold a meeting of both our teams and pay attention to these pending issues so that payments can be made at the earliest other than initiation of verification. The truth behind the matter raised by Supreme Court about fictitious accounts cannot be revealed before public until verification is begun,” said Roy.
“And until the truth is exposed how will I recover my money? I made these requests which we were heard by Sebi officials and am awaiting further proceedings,” added Roy,” he added.
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.
The summons were issued by Sebi 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.
Roy and other three top executives were 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).
They have also been also asked to furnish details of their bank accounts (in India and abroad), and the complete books of accounts along with income tax returns and wealth tax returns filed by the two companies from fiscal 2007-08 onwards. (ANI)