Sebi summons Sahara group chairman Subrata Roy

Securities and Exchange Board of India (SEBI) has summoned head of Sahara group Subrata Roy and three other Sahara group executives on April 10 in wake of Rs 24,000 crore refunds to investors.

Sebi has also asked Subrata Roy to submit details of his assets, bank accounts and tax returns before April 8.

Sebi said that if they fail to appear before it then Sebi would sale the assets it had seized in February this year.

Supreme Court had ordered the Sahara group to refund more than Rs 24,000 crore to the investors which was raised by two Sahara companies – Sahara Housing Investment Corporation and Sahara India Real Estate Corporation – through bonds.

Sahara group had failed to refund the amount within stipulated time. Sebi has already frozen bank accounts of Subrata Roy and properties of its two executives.

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