The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
Regulator Irdai on Friday directed SBI Life Insurance Company to takeover the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.
Sahara Group chief Subrata Roy passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, a company statement said. He was 75. He was 75. According to the company statement, he passed away at 10.30 pm due to cardio-respiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
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.
Sebi on Wednesday ordered the attachment of bank and demat accounts of Sahara Group chief Subrata Roy and three others to recover Rs 6.48 crore for violating regulatory norms by two group companies. The recovery proceedings have been initiated against these four persons for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs) by two group companies. Apart from Sahara, others whose bank and demat accounts were attached are Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bharrgava.
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
The Akali Dal is convinced that Waris Punjab De and Amritpal Singh are part of a bigger plan to create a law and order problem in the state, leading to the imposition of central rule and even the exclusion of Punjab from the Lok Sabha polls as was done in 1991.
India's badminton sensation PV Sindhu was felicitated by the Sahara India Pariwar in Mumbai on Sunday.
"For the first time in India, Sahara India Pariwar is setting up the largest FMCG company in the country with its own distribution network through over 10,000 franchisee outlets...," Sahara India said in a public announcement.
Sahara India on Monday said it has earmarked an investment of Rs 3,000 crore (Rs 30 billion) to launch retail outlets -- Sahara Q Shops -- initially in five states covering 60 cities and towns from August 15.
Sahara India chief Subrata Roy says that there is no question of sponsoring the Indian cricket team. However, the group will continue to support the Pune Indian Premier League team.
Former India skipper Sunil Gavaskar feels BCCI could have postponed the Players' Auction for the 5th edition of Indian Premier League after they came to know about Sahara India's decision to snap its sponsorship contract with Team India and also pull out of the IPL.
The Supreme Court on Friday directed Sahara Group firm Sahara India Real Estate Corp to approach the Securities Appellate Tribunal against the order of Sebi directing the return of money collected from investors for an OFCD scheme within a period of three weeks.
The move comes a full four years before the deadline set by the Reserve Bank of India.
Rajyavardhan Singh Rathore joined the Sahara after receiving the nod from the government and the Indian Army
After a splendid season, where he scored first-ever double century in One-day and climbing the 14000-runs peak, Sachin Tendulkar on Saturday night was named the Indian cricketer of the Year. Our Correspondent Harish Kotian reveals the other winners at the Sahara India Sports Awards.
A memorandum of understanding was signed between SIPCL CEO Ashok K Bhargava and Safesky chairman Amos Bouchnik along with Safesky president and founder Arik Klein.
Sahara India Group has pulled out of the race to buy a 51 per cent stake in the financially troubled Liverpool Football Club, one of the most successful clubs in the history of English soccer.
The two superstars shake a leg with the rest of the Indian cricket team.
A bench headed by Chief Justice R M Lodha dismissed the PIL and expressed concern over such petitions being in the Supreme Court.
Sahara India Group, led by Subroto Roy, has been served with a notice over 'illegal construction' at its Sahara Sahar township in Gomti Nagar area of Lucknow.
Most of India knows Deep Sidhu as the man who planted the Sikh religious flag on Red Fort.
HR head Gaurav Sharma blamed Sebi-imposed restrictions on operating bank accounts for the delay.
Author Tamal Bandyopadhyay talked about his book Sahara: The Untold Story during a Rediff chat on Friday.
An extract from Tamal Bandyopadhyay's book shows that wrangling with regulators is nothing new for the Sahara group. In the 1990s, too, it had run into the income-tax department and had used similar tactics as it is using against Sebi today to deflect the investigation into its affairs.
An extract from Tamal Bandyopadhyay's book shows that wrangling with regulators is nothing new for the Sahara group. In the 1990s, too, it had run into the income-tax department and had used similar tactics as it is using against Sebi today to deflect the investigation into its affairs.
Sushanto Roy and Seemanto Roy quit the board of Sahara India Real Estate Corp in Feb-Mar 2008; firm filed Red Herring Prospectus on March 13, 2008
Subrata Roy, the self-styled managing worker of Sahara India Pariwar, India's biggest private-sector employer, will appear before the Supreme Court on Tuesday after spending the weekend in custody at a government nature-reserve guest house.
India's badminton queen PV Sindhu revealed that working with new coach Kim Ji Hyun along with the guidance from Pullela Gopichand has been instrumental in taking her game to the next level.
The private carrier won the rights for sponsorship of the Indian cricket team for the next four years.
The company will get title rights and branding opportunities at major FIH tournaments including the men's and women's World Cup in 2006.
With Sahara India chief Subrata Roy behind bars, the country's first seaplane service from the megapolis to Aamby Valley City, which is run by the Sahara group, was today grounded for the time being.
Sahara chief Subrata Roy, who was sent in judicial custody for a week in Delhi by the Supreme Court today, will be kept in high-security Tihar prison where he will sleep on the floor and eat jail food like an ordinary prisoner.
No one knows when and how the powerful corporate giant was actually carted from Lucknow's state forest guest house.
Sahara India Pariwar withdraws association with 'The Rising.'
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