SEBI has been acting as per the orders of the Supreme Court which has directed the two companies to deposit over Rs. 24,000 crore with the regulator which would, in turn, identify the investors and pay them back with a 15 per cent interest.
On March 26, SEBI whole-time member Prashant Saran served summons on Subrata
Roy and three directors of Sahara India Real Estate Corporation Ltd.
and Sahara Housing Investment Corporation Ltd. for personal appearance
to answer questions about Subrata Roy’s personal assets and investments and
also those of his group companies.
The directors, Ashok Roy Choudhury, Ravi Shankar Dubey and Vandana Bhargava, also presented themselves before SEBI.
Note
- The Supreme Court in Aug 2012 held that the economic offences committed by Saharas must be dealt with by an iron hand and directed the Sahara India Real Estate Corporation Ltd. (SIRECL) and the Sahara Housing Investment Corporation Ltd. (SHICL) to refund over Rs. 24,400 crore collected from 2.21 crore depositors
- A Bench of Justices K.S. Radhakrishnan and J.S. Khehar said they should refund the amounts collected through Red Herring Prospectus (RHPs) dated March 13, 2008 (Rs. 17,400 crore) and October 16, 2009 (over Rs. 7,000 crore), along with 15 per cent interest to the Securities and Exchange Board of India (SEBI) from the date of receipt of the subscription amount till the date of repayment, within three months.
- The SC appointed the retired Supreme Court judge, B.N. Agrawal, “to oversee whether directions issued by this court are properly and effectively complied with by the SEBI (WTM) from the date of this order
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