Sebi issues notice to attach bank accounts of Sahara group's Subrata Roy

Move follows non-payment of dues amounting to Rs 6.42 crore levied for flouting regulatory norms

The Securities and Exchange Board of India (Sebi) has issued a notice attaching the bank accounts, lockers, demat accounts, and mutual fund folios of two Sahara group firms, its chief Subrata Roy and three others.

The notice has been issued for non-payment of dues amounting to Rs 6.42 crore levied for flouting regulatory norms. Following a notice on December 7 for recovery of the dues, the capital market regulator had given 15 days’ time to the defaulters to pay the dues to avoid attachment of accounts.

In its order dated June 27, Sebi had penalized Sahara India Real Estate Corporation, Sahara Housing Investment, Subrata Roy Sahara, Ashok Roy Chaudhary, Ravi Shankar Dubey, and Vandana Bharrgava for violation in the issue of Optionally Fully Convertible Debentures (OFCDs). The penalty imposed is Rs six crore and the due amount includes interest and recovery cost.