Powerful people want to bring me down: Roy

Last Updated: Thu, Apr 11, 2013 15:56 hrs

Mumbai, Apr 11 (IBNS) Sahara group chief Subrata Roy, who appeared before the market regulator Securities and Exchange Board of India (SEBI) on Wednesday, said few 'powerful people' were at play to bring him down.

"A few people who were powerful in 2005 had tried to crush Sahara...they are back and again doing it now," Roy told The Economic Times.

Roy on Wednesday appeared before the Securities and Exchange Board of India (SEBI) here in connection to a refund case that involves an estimated Rs. 24,000 cr payment to more than three crore investors.

Speaking to media on the meeting, Roy said: "I want to payback refunds as soon as possible. But over the last seven months, SEBI has done nothing for me to be able to return refunds to those who haven´t received them yet."

Three other directors of two Sahara firms also appeared before SEBI on Wednesday.

The market regulator had ordered for personal appearance of Roy and others in an order dated Mar 26.

On Aug 31 last year, in an order, the Supreme Court had directed Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) to refund the money to their investors within three months with 15% interest per annum.

If the unlisted companies failed to refund Rs 24,000 cr with 15% interest to about three crore investors, the SEBI can attach properties and freeze bank accounts of the companies, the court had ruled.

In another verdict last December, the Supreme Court had directed Sahara Group to immediately give a demand draft of Rs 5,120 cr to SEBI.

The bench headed by Chief Justice Altamas Kabir had directed it to deposit the first installment of Rs 10,000 cr by first week of January and the rest by first week of February.

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