Submit asset, bank a/cs details, Sebi tells Subrata Roy

Tightening its noose around Sahara group, market regulator Sebi on Tuesday asked Sahara group chief Subrata Roy and three other top executives to submit details of their assets, bank accounts and tax returns by April 8 followed by personal hearings on April 10.

Details have been sought to proceed with the regulator's attachment orders involving sale of assets of two Sahara firms and their top executives to recover funds for the purpose of facilitating refund to bond holders.

In an order passed on Tuesday, Sebi said it would go ahead with finalising the terms of the proclamation of sale exparte, if Subrata Roy, Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava fail to appear before the regulator.

Sebi has also sought details about 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).

The matter relates to a Supreme Court order for refund of an estimated Rs 24,000 crore to bond holders of the two firms, wherein Sebi has been asked to facilitate the refund.

Sebi said it issued an attachment order against the companies and their top executives after they failed to make the refund as per the court order.

In the attachment order dated February 13, Sebi had also asked them to provide details of their assets etc within 21 days.

In today'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.

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, by way of an affidavit on or before April 8, "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 said.

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 financial details of these two companies would need to be provided by April 8, Sebi order said.

The two 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.

Subrata Roy has already challenged before the SAT the attachment orders of his personal assets and bank accounts and the matter would heard next by the Tribunal on April 13.