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SEBI Wants Detention of Sahara Chief Subrata Roy.

Giving yet another blow to Sahara Group of Industries, the Securities and Exchange Board of India (SEBI) has moved the Supreme Court seeking detention of Subrata Roy and two Sahara directors Ashok Roy Choudhary and Shankar Dubey.

SEBI alleged that Sahara has not complied with Supreme Court's order of repaying a[sup.1]24,000 crore to the market regulator. The board has also demanded immediate seizure of Subrata Roy and other two director's passport fearing their escape.

Along with it, SEBI's application sought permission for advertisement to investors for claiming their deposits and also appointment of an official for examining and supervising the sale of Sahara Group of companies' properties.

"This application has become necessary in view of the recalcitrant attitude of the two Sahara companies (SIRECL and SHICL) and their promoter and Directors," SEBI told The Hindu.

The court is due to hear SEBI's plea in the first week of April.

Meanwhile, Sahara Group stated in a press release in response to the market regulator application, "Everyday, SEBI is maliciously leaking to media one or the other news, without any substance against Sahara Group to wreck personal vengeance by some officers involved in handling with the matter."

"Sahara has deposited TDS (tax deducted at source) on the interest paid to the investors on behalf of the two Sahara companies with the income tax authorities. The TDS deposited is more than a[sup.1]700 crore. These true facts are never reported to the media by Sebi."

In August last year, the court had ruled against Sahara, directing them to pay SEBI a[sup.1]24,000 crore which would further be refunded to the investors.

In February, the regulator ordered that the bank accounts of Sahara India Real Estate Corp. Ltd (SIRECL) and Sahara Housing Investment Corp. Ltd (SHICL) be freezed owing to Sahara's delay in the payment process.
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Publication:International Business Times - US ed.
Date:Mar 16, 2013
Words:311
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