The Securities and Exchange Board of India (SEBI) today summoned Sahara group chief Subrata Roy and three other top executives on April 10, to finalise the list of assets to be sold for refund of an estimated Rs 24,000 crore to about three crore investors.

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.

The 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.

The regulator also sought details of assets, bank accounts and other financial information of the two Sahara firms, Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL).

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.

The 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.

After the companies’ failure to comply with the court order, the SEBI on February 13 passed an attachment order against the two firms and their top executives, asking them also to provide details of their assets etc. within 21 days.

In today’s order, the 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.

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