Advertisement

HindustanTimes Sun,21 Sep 2014

Not even a cup of tea was offered to me, Roy after SEBI appearance

PTI  Mumbai, April 10, 2013
First Published: 19:45 IST(10/4/2013) | Last Updated: 21:48 IST(10/4/2013)

Sahara chief Subrata Roy on Wednesday rued that the he was not even offered a cup of tea during his hour-long appearance before market regulator Sebi.

Advertisement

"We have given more than Rs. 5,000 crore to Sebi (for refund to investors). Additionally, we have to bear all the other expenses, but in this one hour they did not even offer tea," Roy told waiting reporters after his personal appearance at the Sebi headquarters in Mumbai.

Roy and three other top executives of Sahara group were summoned by Sebi this afternoon to ascertain details of their personal and the two Sahara firms' assets which can be sold to generate funds for refund to investors.

A chaotic scene was seen outside the Sebi headquarters as large number of media persons had gathered to report Roy's appearance before the market regulator.

Sebi has been asked by the Supreme Court to facilitate refund of over Rs. 24,000 crore to more than three crore bond holders of Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd.

Sahara group claims that it has directly paid back most of the investors and the total outstanding liability is less than Rs. 5,120 crore already given to Sebi towards refund.

Roy said he was asked by Sebi about his personal assets, but they would be puzzled after getting to know about it.

"Including gold ornaments and stones, all is Rs. 3 crore. Cash and bank is Rs. 34 lakh and fixed deposits is Rs. 1.59 crore. And for buying sugar mills at Badauli, I had taken an advance of Rs. 11 crore. My immovable property is nil," he claimed.

"In this world, you can neither prove a right person wrong, nor something wrong can be proved right," Roy said.

Sahara chief accused Sebi of delaying the refund and said that the regulator was not doing anything to pay back the investors.

He said that Sebi was rather indulging in "media trial and other things".

"I told them (Sebi) about my concerns about those who are yet to get the money... In the last seven months, you have not taken any initiative wherein the money can be distributed to the investors. Not just that, you have also not taken any efforts to verify (the  investor details) as well," Roy said.

Sahara chief said that Sebi has alluded towards the investor accounts being fictitious, "but unless you verify the accounts, how will you know?

"I've requested them to start the verification, but I don't know what will happen going ahead," Roy said.

As per the Supreme Court order, Sahara has to bear all the expenses incurred by Sebi in connection with the refund process. Sebi has already incurred expenses to the tune of Rs. 55 crore in this case and the final bill is expected to be much higher.


Advertisement
more from Business

Alibaba's big debut: Here are the 10 things you want to know

China's e-commerce giant Alibaba began trading its shares Friday on the New York Stock Exchange. Here are ten things to know about Alibaba, and why its initial public offering made history.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved