Appear personally, submit asset details, Sebi to Subrata Roy

Tightening its noose around Sahara group, market regulator Sebi today 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 today, Sebi said 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 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.