SEBI questions Subrata Roy Sahara and other directors

Subrata Roy Sahara and three other directors of Sahara Group were questioned by SEBI.

Last Wednesday might have been a hard day for Subrata Roy Sahara and his co-directors as they were questioned by the Securities and Exchange Board of India. The questioning was mainly for finding out the real income sources of Sahara Group.

Chairman and managing worker of Sahara said that the SEBI questioning was mainly about his personal assets. SEBI questioned the Sahara chief and his assistants for around two hours. The details of the questioning are not revealed.

The questioning was in relation to the Sahara- SEBI case. The market regulator asking them to present themselves had stated that they would have to face severe results in case of a failure. SEBI has warned that it would sell the attached assets of Sahara group to repay the investors.

Speaking about the questioning Subrata Roy Sahara said that the main thru of the questioning was to find the details of his personal assets. He added that he was asked to submit some documents.

Mr. Roy added that he will file the remaining documents asked by them. As per the given details, his personal asset is only Rs.3 Cr.

By seizing the properties and bank accounts of Sahara Group, SEBI had startled Sahara. This was really a setback to them. Further it affected their real estate projects including Aamby Valley.

Aamby Valley is an upcoming top-end residential project. The project is being developed in Pune. Apart from this posh project, land parcels from Delhi, Gurgaon and Mumbai were also grabbed by the market regulator.

Last month saw the market regulator approaching Supreme Court for the arrest of Mr. Roy and other directors of Sahara. The trifle between Sahara and SEBI dates back to August 31, 2012 when SC asked the Sahara firms to repay over Rs.24000 Cr to the investors.

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