The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with ponzi schemes, allegations his group always denied.
The Tribunal, in its last hearing in Mumbai on March 23, decided to hold its final hearing in the matter here in the National Capital on March 26.
Sahara has asked its employees and associates to reach out to 12 million people and conduct a survey.
'Two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses.'
Before surrendering to the police he clarified that he was no absconding.
Sebi says it will directly transfer the refund money to the bank accounts of genuine investors.
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