Sahara to keep fighting for justice: Subrata Roy

MUMBAI: Sahara group chairman Subrata Roy Sahara said that the group will continue to fight for justice and reiterated its stance that the outstanding amount payable to investors has dwindled to about Rs 3,663.93 crore. “Justice has to be done. How long can injustice continue,” Mr Roy told ET on the sidelines of a function to welcome British prime minister David Cameron to India on Monday.

Markets regulator the Securities and Exchange Board of India (Sebi) and the Sahara group have been locked in a bitter dispute over debentures issued by two Sahara group companies to thousands of investors. Last year, the Supreme Court directed Sahara to refund Rs 17,400 crore at 15% interest to investors within three months. It upheld Sebi’s contention that the two companies violated rules by raising money from investors. Last week, Sebi froze the bank accounts, investments and the movable and immovable assets of the two companies Sahara India Real Estate Corporation and Sahara Housing Investment Corporation.

The regulator also froze the personal accounts and assets of Mr Roy and some other directors. “Aamby Valley and the overseas hotels are not part of the freeze. Only the two companies and some personal assets,” Mr Roy added. Aamby Valley is the Sahara group’s luxury housing project near Pune in Maharashtra. The group also owns two hotel properties in the UK and the United States. “This is not a stand, this is the truth,” Mr Roy said when asked about the figure of Rs 3,663.93 crore.

Last week, Sahara issued near-full page advertisements in newspapers claiming that most of the liabilities have been paid off and that the group is now eligible for a refund from Sebi.