MUMBAI, March 26 (Reuters) - India's securities regulator
asked the head of the Sahara conglomerate to appear before it on
April 10 to provide details of his personal assets and the
assets of two Sahara companies that sold bonds ruled to be
The order by the Securities and Exchange Board of India
(SEBI) on Tuesday against Subrata Roy, the two Sahara companies
and three of their directors follows an order last month to
freeze the assets and bank accounts of the companies as well as
The regulator accuses Sahara, best known as the lead sponsor
of the Indian cricket team and more recently as a buyer of
overseas luxury hotels, of raising billions of dollars from
small investors through an outlawed financial scheme and failing
to comply with a court order to refund the money.
Unlisted Sahara has said it repaid most of the investors and
that its total liability is less than the 51.2 billion rupees
($945 million) it had deposited with the regulator as the first
repayment instalment following the top court's ruling that the
bonds it issued were illegal.
A Sahara spokesman declined to comment on Tuesday.
Earlier this month, SEBI sought Supreme Court approval to
arrest Roy and two Sahara directors. The court is expected to
hold a hearing on that request in early April.
($1 = 54.1825 Indian rupees)
(Reporting by Tony Munroe and Sumeet Chatterjee; editing by