Securities Exchange Board of India (SEBI) the stock market regulator of India on 13 February 2013 ordered freezing of bank accounts and attachment of properties of two Sahara group firms Sahara India Real Estate Corporation Ltd., and Sahara Housing Investment Corporation Ltd. and its Chairman Subrata Roy as well as top executives Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary after it failed to refund more than 24,000 crore rupees to investors.
The decision from the market regulator came after the Supreme Court of India granted it the freedom to freeze the accounts of the two companies and attach the properties of the defaulting groups.
The market regulator gave 21 days time to Sahara Firms to submit the details of the investments done and not listed in an order. SEBI’s orders restricts the Sahara India Estate Corporation from operating its demat accounts and redeeming the mutual fund units held by it as well as from transferring the shares controlled by it to any other body or company.
Sahara Housing was asked to furnish details related to the development rights along with the special puprpose vehicles as well as stakes. The orders to submit the details of movable and immovable properties to Subrata Roy and the three executives have restrained them from alienating, disposing or encumbering the properties on their names.