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Sebi seeks SC nod to arrest Roy

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The SEBI said “this application has become necessary in view of the recalcitrant attitude of the two Sahara companies (SIRECL and SHICL) and their promoter and Directors.” Court directionThe SEBI said on August 31, 2012 the court directed Sahara to furnish all the documents in their custody, such as the application forms submitted by subscribers and documents relating to approval and allotment of bonds, to SEBI so as to enable it to ascertain the genuineness of the subscribers as well as the amounts deposited, within 10 days. It said not only this direction but none of the directions contained in the judgment dated August 31, 2012 were complied with.

Even the instalments and other directions given by this court dated December 5, 2012 were not complied with.

Thereafter, SEBI passed two orders on February 13. It said: “Shockingly, although the two companies assured this Court that only Rs. 351 crores are payable in the year ending March 31, 2013 and all the bonds, except one category, are not redeemable, it is now claimed that except Rs. 2620 crores all other amounts have been refunded. In view of the open, continued and consistent defiance of the orders of this Court and the orders of SEBI, it is necessary that drastic measures are taken to protect the interest of three crore investors.”

It said: “Since, the documents are not furnished in the manner prescribed by SEBI and further [since] they have been hopelessly mixed up, making it virtually impossible to correlate the application and the redemption vouchers, the same are, therefore, not acceptable.”

The SEBI sought these directions to refund the money invested by the depositors together with interest at the rate of 15% from the date of deposit till payment.

In case the refund claims are found for an amount more than the money made available by the respondents (Saharas), SEBI asked that the refund should be on a prorata basis for the time being, with the remaining amount paid to investors when the balance money is realised from the Saharas.


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