Mumbai: Sahara Group head Subrata Roy and three top company executives were quizzed about their assets and investments by Indian markets regulator SEBI here yesterday in connection with refunds of Rs240bn to over 30 million investors.
Appearing before SEBI’s full-time member Prashant Saran following his summons on March 26, Roy was accompanied by Sahara Group executives Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava.
Roy said later that he was questioned about his personal assets.
“My personal assets appear to have troubled SEBI. I was asked about them and I informed them that I have declared all my assets,” Roy said.
He added that most of the investors had been given refunds and the remaining refunds had been deposited with the SEBI.
Roy said that Sahara Group was concerned about the refund delays by SEBI.
He added that Sahara Group had deposited Rs51.2bn of investors’ money with SEBI and that while the group had already refunded a bulk of the money, the only outstanding liability was the amount lying with SEBI.
The meeting followed a Supreme Court order on August 31, 2012, in which SEBI was directed to facilitate the refund of over Rs240bn to over 30 million investors of Sahara Group within three months after verying their credentials.
In December, the apex court granted more time to Sahara Group and directed it to make an immediate payment of Rs51.2bn, followed by Rs100bn by the first week of January. The balance was to be paid in the first week of February.
The Supreme Court also said that SEBI could freeze accounts and attach properties if Sahara Group did not deposit the investors’ money, following which market regulator froze the accounts and attached its assets on February 13.
IANS
