Subrata Roy Sahara Faces SEBI Questioning

Subrata Roy Sahara was questioned by the Securities and Exchange Board of India on Wednesday. SEBI questioned three other directors of the Sahara group.
Subrata Roy Sahara was questioned by SEBI.

Subrata Roy Sahara was questioned by SEBI.

MUMBAI: On last Wednesday, the Securities Exchange Board of India questioned Subrata Roy Sahara and three other directors. Though the main thrust of the questioning was to find out the details of Sahara assets, no information is out yet.

Sahara chief and the other directors have presented the details of their personal assets. A Sahara Group press statement which was released after the SEBI questioning said that Subrata Roy Sahara has only Rs.3 Cr worth personal assets.

Earlier the market regulator had warned that they would sell the seized Sahara properties if the Sahara Chief and the directors did not appear in front of them on April 10.

The seized properties include Aamby Valley, a posh project near Pune, and some land parcels in Delhi, Gurgaon and Mumbai.

Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bhargava, the three other directors of Sahara Group, were also questioned.

Subrata Roy Sahara's projects may be affected.

Subrata Roy Sahara’s projects may be affected.

The case began on August 31, 2012, Supreme Court ordering the group to repay the investors. As per the SC order Sahara had to pay over Rs.24000 Cr to the investors.

Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd had raised a real estate fund through OFCDs. SC, dubious over the scheme and the details of the investors, had asked both SHICL and SIRECL to repay the amount.

Later Sahara claimed that they had refunded their investors. However the market regulator said that the amount was not paid back. Additionally the SEBI seized the properties of Sahara chief and the other three directors. It said that the group has defaulted the payment to the investors.

In March, SEBI had also approached SC for the arrest of Subrata Roy Sahara. After the questioning, Mr. Roy said that he questioning was mainly about his personal assets.

2 thoughts on “Subrata Roy Sahara Faces SEBI Questioning

  1. Pingback: Securities Appellate Tribunal to Hear Sahara’s

  2. Pingback: SEBI questions Subrata Roy Sahara and other directors

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