Sebi summons Subrata Roy, seeks bank account details

The Securities and Exchange Board of India (Sebi) on Tuesday issued an order summoning Sahara Group chief Subrata Roy and three other executives of the company on April 10, while asking them to submit details of Roy's assets, bank accounts and tax returns two days ahead (April 8).

Further, Sebi warned that it will go ahead with sale of assets it had frozen in a February 13 order should Roy and the three other Sahara executives fail to appear on April 10.  The issue pertains to an earlier move by Sebi to order a freeze on the assets and bank accounts of two Sahara companies --- Sahara Housing Investment Corporation and Sahara India Real Estate Corporation --- as well as the bank accounts and properties of Roy and three other directors.

Sebi and the unlisted Sahara group have been locked in a long-running dispute relating to a Supreme Court order asking the Sahara group to refund more than Rs 24,000 crore of investors' money raised by two of its companies through bonds. Sebi had been asked to facilitate the refund. The group was ordered in August to repay sums raised by what the Supreme Court called "dubious" means from nearly 30 million small investors, with 15 per cent interest.

Meanwhile, in a separate move, SEBI has also approached the Supreme Court seeking orders for detention of Subrata Roy and this plea has been posted for hearing in the first week of April.

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