Sebi order based on old facts, attaching individual properties incorrect: Sahara

Sahara said the directives were based on old facts and had not taken into account redemptions it has made since January 2012, adding that its total liability was unlikely to exceed the Rs. 5,1200000000 it had deposited with the regulator. New Delhi Facing orders for freezing of bank accounts and attachment of properties, Sahara group late last night claimed the actions taken by Sebi are based on "old facts" and the orders for attaching assets of individuals is incorrect on part of the market regulator. The group was reacting to Sebi's orders for freezing of bank accounts and attachment of properties of two Sahara firms, SIRECL and SHCIL, as also those of Subrata Roy and three other directors. The assets being attached include those related to the group's Aambey Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments. "As per Sahara, the total liability is not likely to exceed Rs 51200000000, which amount has already been deposited with Sebi," a Sahara group spokesperson said, adding that it has filed an interim application before the apex court seeking permission to furnish security for the remaining instalments. "... since Sahara has already redeemed significant number of OFCD Holders and any further payments to Sebi would amount to double payment. The said interim application is pending and is likely to come up next week," the spokesperson said in a statement. "Further, today's order of Sebi for attachment of the assets is based on old facts and details of assets as of January, 2012. Since, then facts have changed in view of redemptions made by Sahara from time to time. This fact of redemption was known to Sebi. Hence, today's order does not take into account the changed facts and circumstances," he added. The group also said that the liability to refund the monies is of SIRECL and SHICL and therefore "attachment of assets of the individuals by Sebi is incorrect. With regard to Subrata Roy and three other directors, namely Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary, Sebi ordered freezing of all bank and demat accounts of these four persons, as also attachment of all movable and immovable properties in their name with immediate effect. "Whereas not only company has paid to Sebi enough amount which is much higher than outstanding liabilities of two companies, the fact also remains in the whole affair Sahara is genuinely concerned for investors," the group said, while claiming that there are number of other companies in the country where not a single investor has got back one rupee. The Supreme Court on August 31, 2012, had asked Sahara group firms to refund the money with 15% interest and had asked Sebi to facilitate the refund. However, the group in December 2012, was allowed to pay the money in three instalments, including an immediate payment of Rs 5,1200000000, followed by an instalment of Rs 10,0000000000 in the first week of January and remainder by the first week of February 2013. The Sebi statement said its order would be implemented with immediate effect and that the Reserve Bank of India and the Finance Ministry's Enforcement Directorate would be informed about the development. PTI