 "My personal assets worth Rs 5-6 cr: Roy")
In late March, Roy and the officials — Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary — were issued summons to appear at Sebi’s Mumbai headquarters. This was aimed at ascertaining whether they had personal properties and investments other than the ones attached by the regulator.
On Wednesday’s meeting started at 3 pm and went on for about an hour. Sebi officials present included whole-time member Prashant Saran.
After the meeting, Roy told the media he hardly had any personal assets for Sebi to liquidate; he pegged his wealth at Rs 5-6 crore. When asked whether he had assets other than the ones already disclosed, Roy said, “The assets that have been declared are the only ones I have.”
“Today, they have called regarding my personal assets. But they would be ‘pareshan’ (worried) on knowing it. Including gold ornaments and stones, it is Rs 3 crore. Cash and bank is about Rs 34 lakh and fixed deposits are worth Rs 1.59 crore. And, for buying sugar mills at Baghauli, I have an advance of Rs 11 crore. My immovable property is nil,” Roy said.
When Business Standard asked whether his assets were worth just Rs 5-6 crore, Roy replied, “Bahut hai, yaar (this is enough, my friend).” Separately, to a television channel, Roy said his palatial bungalow in Lucknow was owned by the Sahara group.
Roy, along with the three officials, had to file with Sebi all title deeds of their assets and bank accounts, as well as details of their income tax returns and wealth tax returns filed since 2007-08. The three directors answered queries related to two entities (Sahara India Real Estate Corporation and Sahara Housing Investment Corporation), Roy said.
When asked about the Sebi officials’ response to the submissions, Roy said they were quiet and had mostly listened. He said after the Rs 5,000 crore paid to Sebi, no further payments were due to the market regulator. “We’ve given Rs 5,000 crore to Sebi. Additionally, we have to bear all the other expenses, which would run in lakhs and crores. But in this one hour, they didn’t even offer a cup of tea.”
“In the last seven months, you (Sebi) 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 (investor details),” he said. “Until the verification is complete, our money will be stuck with them. Sebi is not taking any action on that front. Start the verification so that the money can be released.”
Roy said he had urged officials from Sebi and Sahara sit together, so that the verification process could be hastened.
Later this week, the Securities Appellate Tribunal is scheduled to hear appeals filed by Roy, as well as other group directors, on a Sebi order to attach their bank accounts and assets.
The Supreme Court is likely to hear a Sebi plea seeking orders for Roy’s arrest and barring him from leaving the country.
STORY SO FAR
- August 31, 2012: SC orders refund of Rs 24,029 crore to 29.6 mn investors
- September 10: Deadline for Sahara ends to file documents
- November 30: Deadline for completion of refunds ends
- January 8, 2013: SC dismisses review petition on August order
- January 9, 2013: Sebi sends redemption notices to bondholders
- February 13, 2013: Sebi passes order for attachment of Sahara assets
- March 06-07, 2013: Sahara moves SAT against attachment
- March 15, 2013: Sebi moves SC seeking the arrest of Subrata Roy Sahara
- March 26, 2013: Sebi summons Roy & others to appear before it on April 10