SEBI Questions Subrata Roy Sahara and Other Directors
Mumbai, India
On Wednesday, the Securities and Exchange Board of India (SEBI) questioned Subrata Roy Sahara, Chairman of the Sahara Group, along with three other directors. The primary focus of the interrogation was to uncover the details of Sahara's assets.
Details of Personal Assets Revealed
Following the questioning, a press statement from the Sahara Group disclosed that Subrata Roy Sahara possesses personal assets valued at approximately Rs. 3 Crore. The other directors, namely:
- Ashok Roy Choudhary
- Ravi Shanker Dubey
- Vandana Bhargava
also presented details of their personal assets during the questioning.
Background of the Case
The case dates back to August 31, 2012, when the Supreme Court ordered the Sahara Group to refund over Rs. 24,000 Crore to its investors. The funds were initially raised through OFCDs by Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd. The Supreme Court had expressed doubts regarding the legitimacy of the scheme and the transparency of investor information, prompting the refund order.
SEBI's Actions and Sahara's Claim
SEBI had previously seized properties of the Sahara Group, including the luxury project Aamby Valley near Pune, and land parcels in Delhi, Gurgaon, and Mumbai, due to alleged default in payment to investors. Sahara, however, claims to have refunded its investors, a claim disputed by SEBI. In March, SEBI had also approached the Supreme Court seeking the arrest of Subrata Roy Sahara.
Post-Questioning Statement
After the questioning, Mr. Roy mentioned that the interrogation primarily revolved around his personal assets, without disclosing further information.