ZCZCPRI COM ECO ESPL.NEWDELHI DCM25 SAHARA Sahara
victimised for years, but won't give up: Subrata Roy New Delhi, Apr 11 (PTI) Facing a possible
auction of his personal and company assets by Sebi, a defiant Sahara chief Subrata
Roy says he feels victimised by a chain-reaction of events over the years that
began with a political vendetta in2005, followed by regulatory clampdowns by
RBI and Sebi. "It started as a
political vendetta against us in 2005, and thereafter it became a chain
reaction. First RBI took actions against us in 2008 and thereafter Sebi clamped
down on our businesses," said head of diversified conglomerate Sahara group
that has presence in entertainment, real estate, financial services and
hospitality businesses, among others.
Speaking to PTI over telephone, Roy said that the other businesses of
Sahara group were getting affected because of Sebi's actions, but he was ready
for a "fight to finish" and confident of the matters being resolved
in due course. Roy was summoned by the
market regulator Sebi yesterday to ascertain details of his personal and two
company assets that could be sold to generate over Rs 24,000-crore worth funds
required to be returned to the investors.
Sebi has charged Sahara India Real Estate Corp Ltd(SIRECL) and Sahara Housing
Investment Corp Ltd (SHICL) of “various illegalities" in raising these
funds. The Supreme Court has asked Saharas to return this money to over three crore
bondholders, while Sebi has been asked to facilitate the refund after verifying
genuineness of the investors. A
combative Roy claimed that his group has been target of personal vendetta by
"certain" officials from RBI and Sebi. Sahara chief further said that 60 per cent of
his time has been wasted in fighting Sebi in last two years, which could have been
otherwise utilised for "some constructive work". "We have suffered a lot because of
this," he said. Asked whether he
felt victimised, Roy said: "Definitely, we are. We have been the target of
Sebi for no reasons." He,
however, ruled out any political conspiracy at play in the current scenario and
said that the politics was at playing problems created for his group way back
in 2005. "Today, the issues being
raised against us do not appear to be linked to the original political matters
of 2005," he said, but refused to specify what those issues were, saying it
was an old matter and should not be raised at this time. Roy has often been described as being close
to various political leaders, especially those from Uttar Pradesh. He also denied the allegations of his group
companies being used to launder the funds of rich politicians and others and
dared the "entire system" to prove even one case of fictitious
investor accounts or money laundering.
After appearing before Sebi last afternoon, Roy told the waiting
reporters that his personal assets were worth only about Rs three crore and he
had no immovable properties. Roy, who
generally keeps away from direct media glare and has been lately communicating
his and group's views through full-page newspaper advertisements, surprisingly
talked at length to the media persons, who had gathered in large numbers
outside the Sebi headquarters in Mumbai. (MORE) PTI BJDKR04111259NNNN
ZCZC
PRI COM ECO ESPL
NEWDELHI DCM26SAHARA 2 LAST striking a
defiant pose, Roy accused Sebi of delaying the refund by not distributing the
money deposited with it. Sahara group
claims that it has returned bulk of the investors directly and its total
outstanding liability was much less than Rs 5,120 crore it has already
deposited with Sebi, but these claims have been questioned by the
regulator. "My point is that we
only gave the figure of Rs 24,700crore for the funds raised by Sahara companies
and we gave these figures on our own. "If they believed us on that figure, why do
they not believe us when we say that we have repaid most of the investors and
the total outstanding is much less than Rs 5,120crore deposited with Sebi for
the refund," he said. "If we
are proven wrong, we should be hanged, but the same should apply to others as
well. If others are found to be wrong in this matter, they should also be
hanged," he said. When asked
whether he expected regulatory actions against Sahara group's retail venture
Q-Shop as well, Roy said: "Not at all, Q-Shop is a purely non-financial
business and it should not face any problems." Admitting that other
businesses were getting affected due to tussle with Sebi, Roy said: "We
will fight it till we take it to the logical conclusion and I would not give
up. "People tell me that why I'm fighting
always, but I have no other option. I will fight till my last breath. We have grown
this business like a family. There are 10 lakh people and they are my
family." Clamping down on
Sahara's residual non-banking operations in 2008, RBI had asked it to stop
collecting deposits under this business and return the money already garnered.
This was followed by Sebi's actions in 2010 against money raised by two Sahara
firms through bonds known as OFCDs (Optionally Fully Convertible
Debentures). After the Sahara firms
failed to deposit the entire amount of over Rs 24,000 crore collected through
OFCDs, Sebi has gone ahead with attachment orders of bank accounts and
assets. "As per the law, Sebi cannot
sell any assets. They do not have the powers. The court relates to attachment
of assets of only two companies, and that too through a proper judiciary mechanism,
and not the assets of mine and others," he said. Asked about the allegations of money laundering,
fictitious investors and handling the money of politicians, Roy said:
"People say these things, but I challenge the entire system to look into
the matter and prove even one single fictitious account or any single paisa of
money laundering." Roy maintained that he was hopeful that the matters would-be
"resolved for good". "I
am a strong believer in truth and truth can be troubled and suppressed, but it cannot
be defeated," he added. PTI BJDKR04111311NNNN
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