Refund case: Sahara group's Subrata Roy to face Sebi today

Subrata RoySahara group's Subrata Roy. (Reuters)

In the high-profile refund case involving an estimated R24,000-crore payment to over three crore investors, Sahara group\'s chief Subrata Roy and other top executives have been summoned for personal appearance on Wednesday before the market regulator Sebi.

The summons for personal appearance of Roy and three other directors of two Sahara firms 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.

While the group officials did not comment on whether Roy and others would appear before Sebi, Sebi had ordered their personal appearance in an order dated March 26.

In the same order, the two Sahara firms and their four top executives were also asked to provide details of their assets and investments to the market regulator by April 8.

It could not be ascertained whether these details have been furnished before Sebi as per the orders.

Roy and others (Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava) have been ordered to appear before Sebi\'s whole-time member Prashant Saran.

If these persons fail to appear before Sebi as ordered, the regulator has said it would ex parte settle the terms of proclamation of sale of their and the companies\' assets.

The group on various occasions, including through newspaper advertisements, has accused Sebi and its top officials of not providing an opportunity to meet Sahara chief Subrata Roy and others for presenting their points of view.

Incidentally, the Securities Appellate Tribunal (SAT) is scheduled to hear later this week, on April 13, the appeals filed by Subrata Roy and others against a previous Sebi order for attachment of their bank accounts, assets and investments.

These properties include those related to the group\'s Aambey Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments.

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