MUMBAI, April 10 (Reuters) - Often described in media
reports as a billionaire, the boss of India's unlisted Sahara
conglomerate said on Wednesday he had assets totalling roughly
50 million rupees ($915,200).
Subrata Roy, locked in a battle with the Securities and
Exchange Board of India (SEBI) over a bond scheme that India's
Supreme Court deemed to be illegal, had been ordered by the
regulator to provide details of his personal assets and two
"SEBI would be astonished to hear my personal assets," Roy
told reporters when he emerged after about an hour at SEBI
SEBI accuses Sahara, best known as the lead sponsor of the
Indian cricket team, 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.
Sahara has said it repaid most of the investors and that its
total liability is less than the 51.2 billion rupees it
deposited with SEBI as the first repayment instalment following
the top court's ruling that the bonds it issued were illegal.
In February, SEBI ordered a freeze on the assets of two
Sahara companies as well as bank accounts and properties in
Roy's name. SEBI is also seeking Supreme Court approval for the
arrest of Roy and two Sahara directors.
Roy told reporters his assets included gold ornaments and
gemstones worth about 30 million rupees, fixed deposits of 15.9
million rupees and cash and bank deposits of 3.4 million rupees.
He said he had no "immovable property," or real estate.
Roy, besieged by journalists when he arrived at SEBI
headquarters, said he had a loan of 110 million rupees for a
sugar mill in the eastern state of Uttar Pradesh, where his
company is headquartered.
Sahara has gained a global profile in recent years through
its acquisition of London's Grosvenor House hotel and the Plaza
Hotel in New York.
Roy says he espouses a philosophy of "collective
materialism" and according to Sahara's website, the group shares
its profits between staff, its internal fund and social
development activities and has never declared a dividend.
($1 = 54.6300 Indian rupees)
(Reporting by Indulal P.M.; Writing by Tony Munroe; Editing by