Market regulator Securities and Exchange Board of India (Sebi) has directed Sahara Group chief Subrata Roy and three of his top executives to submit details of all their assets,including bank accounts and tax returns by April 8.
They have also been asked to appear for personal hearings before the regulator on April 10. Sebi intends to begin sale of these assets and those attached under a Supreme Court order to recover the money for return to investors who had put money in illegal fund raising schemes launched by two firms of the Group.
The order passed on Tuesday by Sebi whole time member Prashant Saran also states it would proceed with finalising the terms of the proclamation of sale ex-parte,if Roy and the three directors Ashok Roy Choudhary,Ravi Shankar Dubey and Vandana Bhargava fail to appear before the regulator.
The Sebi action follows the Supreme Court order last year declaring a bond raising scheme by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation Ltd.
The two companies had garnered Rs 17,400 crore from the schemes sold as optionally fully convertible debentures without any permission from any financial sector regulator.
The court has ordered the refund of the sum with a 15 per cent penal interest but Sahara Group has been fighting a long legal battle to delay it.
The order issued by Sebi follows an earlier attachment order issued by it on February 13 where it had given Roy and the other executives a 21 day time slot to give the details.
The regulator has said it is necessary to examine Subrata Roy and the three others to ascertain details of their personal assets as also investments and assets of the two companies to comply with the directions relating to the sale of assets as provided in the orders of the Supreme Court dated August 31,2012 and December 5,2012,and to pass necessary orders for the sale of assets for realisation of the monies due.
Earlier in the day,the Securities Appellate Tribunal (SAT) adjourned its hearing till April 13 on Subrata Roys plea against Sebis attachment order of his bank accounts and other assets,along with those of two Group firms and that of their top executives.
Roy has approached the SAT against the attachment orders issued by Sebi last month. The Tribunal,in its last hearing in Mumbai on March 23,had decided to hold its final hearing in the matter here in the national Capital on March 26.
However,the Tribunal on Tuesday decided to take up the matter again on April 13 along with all the related petitions in the case.
Himachal Pradesh High Court restrains Sahara Group from collecting money
The Himachal Pradesh High Court on Tuesday restrained Sahara Group and its entities from collecting money from the public through any of the schemes floated by them.
The order was passed following a petition against five entities of the group including its chief Subrata Roy Sahara.
The petitioner Manjeet Sehgal alleged that Sahara Group was endeavouring to collect huge money from innocent public and are intending to bring a scheme of Sahara Q Shop to bring a chain of their consumers merchandise retail ventures for supply of consumer goods….
A division bench comprising of Acting Chief Justice RB Mishra and Justice VK Sharma,said that a prima facie case is made out against them and passed an interim order restraining the companies from making any transactions without prior permission of RBI and Sebi.