n Accuses Sebi of wasting time by conducting media trial

Sahara Group founder Subrata Roy, who is in the midst of a regulatory probe involving R24,400 crore of investor money, has personal assets worth only R5-6 crore. Forced to appear before the Securities and Exchange Board of India (Sebi) for the first time since the probe began, Roy said while he has cash along with jewellery and bank balance, he does not have any immovable property.

?My personal assets are worth R5-6 crore that includes gold ornaments and stones worth R3 crore, cash and bank balance worth R34 lakh, and R1.5 crore in bank fixed deposit. I have taken advance of R11 crore for buying a sugar mill at Baduali (Uttar Pradesh). My immovable property is nil,? he told journalists after meeting regulatory officials.

The Sahara chief appeared before Sebi?s whole-time member Prashant Saran after being issued summons last month. Sebi had said it would go ahead with asset sale as per the attachment order issued in February if Roy and three top executives ? Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava ? fail to appear on April 10.

Regarding the ongoing Sebi probe, Roy said the regulator was not taking initiatives to verify the details of crore of investors. He accused the watchdog of ?wasting time? by conducting media trial.

?We have made the payment… Sebi should give priority in paying back those investors, but they have been silent for last seven months,? Roy said after meeting Sebi officials.

In February, Sebi had passed an order against Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) attaching all assets of the companies along with that of the four individuals. The regulator had also ordered four individuals to submit an affidavit by April 8 of the list of assets of SIRECL and SHICL and sought details regarding properties and bank accounts mentioned in the attachment order issued on February 13.

In August last year, the apex court directed the two Sahara group companies to refund over R24,400 crore along with 15% interest to all depositors within three months (November 30). The court had said that Sebi can even attach the properties and freeze the bank accounts of the companies, if they fail to refund the amount.