Ahead of their personal appearance, Roy and others would need to submit details of all their assets, bank accounts and tax returns by April 8, the market regulator said in an eight-page order.
Sebi made it clear that it would go ahead with finalising the terms of the proclamation of sale ex parte, if Subrata Roy, Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava fail to appear on April 10.
Details have been sought by Sebi, so that it can proceed with the attachment orders involving sale of assets of the two firms and their top executives to recover money for refund.
The Supreme Court on August 31, 2012 ordered refund of an estimated Rs 24,000 crore to bond holders of the two firms. Sebi has been asked by the apex court to facilitate the refund. Later in December, the companies were given additional time till first week of February 2013 to return the money.
In today's order, Sebi said that the companies and the individuals have failed to furnish these details as directed earlier and therefore it was going ahead with the settlement of the terms for sale of their assets.
Sahara has so far paid Rs 5,120 crore to Sebi towards the refund and claims that this amount itself is higher than the total outstanding dues of the two firms' bondholders.