Sebi summons Subrata Roy, three Sahara directors

Asks them to appear before whole-time director in Mumbai on April 10

The Securities and Exchange Board of India (Sebi) on Tuesday directed three of the Sahara group’s directors and its chief Subrata Roy to appear before whole-time member, Prashant Saran, at the regulator’s Mumbai headquarters on April 10.

On February 13, Sebi had passed an order for attachment of assets of Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) and four individuals — Subrata Roy, Vandana Bhargava, Ravi Shankar Dubey, and Ashok Roy Choudhary.

It on Tuesday directed these individuals to file an affidavit on or before April 8 with a list of all their assets and details of properties and bank accounts in India or aboard.

In an order passed on Tuesday, Sebi directed these individuals to produce, in original, all title deeds of their assets and their bank accounts, along with their income-tax and wealth tax returns filed since 2007-08.

These individuals would also have to submit a list of all holding companies, subsidiaries, associate companies, special-purpose vehicles, along with their PAN, shareholdings, cross-holdings and partnership share.

“In case these persons fail to appear before me as ordered hereby, the terms of the proclamation of sale shall be settled, ex parte; without prejudice to any other action that may be initiated against them,” Saran said in an order on Tuesday.

Sebi also sent a copy of the order to the Reserve Bank of India and the Enforcement Directorate.

Tuesday’s order came after the named individuals failed to meet the directions given in the Supreme Court orders of August 31, 2012, and December 5, 2012.

“In order to comply with the directions relating to the sale of assets as provided in the orders of the Supreme Court and to pass necessary orders for the sale of assets for realisation of the monies due, it is necessary to examine Ashok Roy Choudhary, Ravi Shankar Dubey, Vandana Bhargava and Subrata Roy to ascertain the details of the investments and assets of SIREC, SHICL and their personal assets,” Sebi said in Tuesday’s order.