SEBI asks Subrata Roy to submit asset, bank a/c and tax details
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SEBI Tuesday summoned Sahara group chief Subrata Roy and three other top executives on April 10, to finalise the list of assets to be sold for refund of an estimated Rs 24,000 crore to about three crore investors.
Ahead of their personal appearance, Roy and others would need to submit details of all their assets, bank accounts and tax returns by April 8, the market regulator said in an eight-page order.
SEBI made it clear that it would go ahead with finalising the terms of the proclamation of sale ex parte, if Subrata Roy, Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava fail to appear on April 10.
The regulator also sought details of assets, bank accounts and other financial information of the two Sahara firms, Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL).
Details have been sought by SEBI, so that it can proceed with the attachment orders involving sale of assets of the two firms and their top executives to recover money for refund.
The Supreme Court on August 31, 2012 ordered refund of an estimated Rs 24,000 crore to bond holders of the two firms. SEBI has been asked by the apex court to facilitate the refund. Later in December, the companies were given additional time till first week of February 2013 to return the money.
After the companies' failure to comply with the court order, SEBI on February 13 passed an attachment order against the two firms and their top executives, asking them also to provide details of their assets etc. within 21 days.
In Tuesday's order, SEBI said that the companies and the individuals have failed to furnish these details as directed earlier and therefore it was going ahead with the settlement of the terms for sale of their assets.
Sahara has so far paid Rs 5,120 crore to SEBI towards the refund and claims that this amount itself is higher than the total outstanding dues of the two firms' bondholders.
Earlier this month, SEBI also approached the Supreme Court seeking arrest of Subrata Roy and bar on his leaving the country in connection with the ongoing case. The apex court has posted the matter for hearing in first week of April.
On the other hand, Subrata Roy has challenged before the SAT the attachment orders of his personal assets and bank accounts. The tribunal today decided to hear the matter on April 13, along with the other petitions filed against attachment orders.
SEBI said it is necessary to examine Subrata Roy and 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".
Consequently, SEBI's Whole Time Director Prashant Saran ordered personal appearance by Roy and others on April 10 "to ascertain details of their assets to facilitate settling of terms of the proclamation of sale of immovable assets detailed in the attachment orders, in compliance with the directions of the Supreme Court."
The four persons have been further directed to submit "a list of all their assets and details thereof (including properties, monies, bank accounts etc) enumerated in the attachment orders, situated in India or outside India, including any charge, encumbrance created over them."
SEBI also asked them to produce all original title deeds of their assets and details of bank accounts in India or abroad, along with their income tax returns and wealth tax returns for the financial year 2007-08 onwards.
At their personal hearing on April 10, the four would also need to ascertain details of assets and investments of SIRECL and SHICL.
The firms have also been asked to submit a list of all their holding firms, subsidiaries, associates, partnerships, special purpose vehicles, cooperative societies etc, forming Sahara group, along with details of their addresses, directors, partners, shareholdings, cross-holdings and partnership shares.
SEBI said copies of Tuesday's order are being sent to the RBI and the Enforcement Directorate.
PTI
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