SEBI summons Sahara Chief Roy & top executives today in refund case

In the high-profile refund case involving an estimated 24,000 crore rupees payment to over three crore investors, Sahara group chief Subrata Roy and other top executives have been summoned for personal appearance today before the market regulator Securities and Exchange Board of India- SEBI.

The summons for personal appearance of Roy and three other directors of two Sahara firms were issued by Sebi to examine them for ascertaining details of their personal assets, as also the investments and assets of the companies, to move ahead with sale of immovable assets for realisation of money to be refunded to the investors.

Sebi had ordered their personal appearance in an order dated March 26.

Roy and others-Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava- have been ordered to appear before Sebi's whole-time member Prashant Saran.

If these persons fail to appear before Sebi as ordered, the regulator has said it would ex parte settle the terms of proclamation of sale of their and the companies' assets.
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