Market regulator SEBI on Wednesday questioned Sahara group chief Subrata Roy and three other top executives about their assets and investments in connection with the case involving refund of some Rs 24,000 crore to over three crore investors.
By a March 26 order, SEBI had summoned Roy, Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava for a personal appearance before its whole-time member Prashant Saran to ascertain details of their personal assets and also the assets of two Sahara firms that can be sold to generate funds for refunding investors.
The Supreme Court had asked SEBI to facilitate refund of over Rs 24,000 crore to more than three crore bond holders of Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd. After his appearance, Roy told reporters waiting outside the SEBI office, that he was asked about his personal assets. “My personal assets appear to have troubled SEBI,” he said, adding that most 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 Sahara group was concerned about delay in refunding by SEBI and accused the regulator of not taking any steps to return the money.
“We have given more than Rs 5,000 crore to SEBI (for refund to investors). Additionally, we have to bear all the other expenses, but in this one hour they did not even offer tea,” Roy told reporters.
According to the Supreme Court order, Sahara has to bear all the expenses incurred by SEBI in connection with the refund process. SEBI has already incurred expenses to the tune of Rs 55 crore in this case and the final bill is expected to be much higher.