The top 100 tax defaulters owe the exchequer a whopping Rs 1.41 lakh crore.
The Bombay High Court on Monday asked Jet Airways and Sahara India Commercial Corporation Ltd (SICCL) to settle their dispute over the takeover of Sahara Airlines by July 2 or else it would pass an order.
Jet had bought Sahara Airlines from the Sahara group in April 2007 for Rs 1,450 crore after an arbitration award. It paid Rs 900 crore and agreed to pay the balance in four instalments. In March 2008, the income-tax department demanded tax dues of Rs 107 crore from Sahara India Airlines. Jet decided this should come from Sahara as it pertained to the period before the acquisition.
Sahara India Financial Corporation on Tuesday got a fresh lease of life, with the Reserve Bank of India allowing it to accept fresh deposits that mature in three years. The move ends the two-week-long uncertainty over fates of the 42.5 million depositors of the Subroto Roy-controlled residuary non-banking company.
Normalcy returned to the Sahara premises in Lucknow. The residuary NBFC saw the Supreme Court's direction to Sahara India Financial Corporation to approach the designated RBI authority in a positive light.
Subroto Roy-led Sahara Group's para-banking company on Thursday obtained a stay on Reserve Bank's ban on accepting fresh deposits from investors.A vacation bench at the Lucknow Bench of the Allahabad High Court granted the stay on a petition filed by Sahara India Financial Corp's executive director O P Srivastava and posted the matter for further hearing in last week of July.
Sahara and Peerless are classified as residuary non-banking finance companies (RNBCs), which are now required to invest 100 per cent of their deposits in approved securities, including government bonds, fixed deposits with banks and mutual funds.The RBI has also asked the two RNBCs to submit alternative business plans.
A vacation bench comprising Justice Altamas Kabir and G S Singhvi appointed senior counsel L Nageshwar Rao as the special officer and the tin fencing would be erected on June 28-29 and Rao would submit his report to the registrar at Lucknow bench of Allahabad high court. The apex court had set aside the intrim order of Allahabad high court dated June 19 and asked the high court to dispose of the writ petition pending in that court with utmost expediency.
SIHL has invested about Rs 25 lakhs (Rs 2.5 million) in establishing the present facility at its Lucknow township. The Lucknow laboratory has impact-testing machines, and is also equipped to test compression factor, stone and sand aggregate value, crushing value, and moisture content.
The court also issued notice to the Income Tax department.
Sahara India launched Sahara Care House, a single window service platform for global Indians.
At the same time, the bench comprising Justice Arijit Pasayat and Justice P P Naolekar said that the interim order of Lucknow Bench of Allahabad high court staying the RBI action against SIFCL will not be in operation. SIFCL will now appeal to RBI on June 12 for a personal hearing.
Sahara Group chief Subrata Roy will not be allowed to leave the country with the Supreme Court today refusing to relax its order restraining him from going abroad till his company furnishes details of refunding Rs 20,000 crore of investors money.
Hours after Jet Airways closed the deal to acquire Air Sahara, the Lucknow-based airline's president Alok Sharma quit his post but said he would continue to facilitate its smooth transition to 'Jetlite'.
'Two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses.'
Sahara India Pariwar, a major player in the infrastructure and housing sector, is planning to build a five-star hotel in Lucknow. The company has plans to build a hotel in each of its 217 Sahara City homes.
The battle-lines are drawn. Both titans are flexing their muscles.
Jet Airways, caught in a legal battle with Air Sahara over the collapsed Rs 2,300 crore (Rs 23 billion) takeover deal, has claimed that its smaller rival was bound to return Rs 500 crore paid as advance within a week of termination of the pact.
Sahara India Parivar on Thursday announced the launch of Sahara Global, a travel and tourism company, targeting a turnover of Rs 200 crore (Rs 2 billion) from services in inbound and outbound traffic and medical tourism in its first year.
SEBI on Wednesday told the Supreme Court that Sahara group overvalued its properties and did not hand over all original title deeds of assets worth Rs 20,000 crore (Rs 200 billion) as per its direction.
See who came to congratulate the newlyweds.
Aimed at ensuring a smooth buyout of Air Sahara by Jet Airways, Sahara Group chairman Subrata Roy on Thursday assured full job protection
A lengthy court battle between Jet Airways and Air Sahara over their failed takeover deal does not seem inconceivable, as Sahara Group chief Subrata Roy has now moved a local court seeking stay on refund of Rs 500 crore
Air Sahara on Wednesday filed a caveat in the Supreme Court to prevent Jet Airways from getting an ex-parte order on its transfer petition, which is likely to be filed on the same day.
The company has terminated his services with effect from June 6, a senior Sahara group official said.
Sahara Computers and Electronics Ltd has announced Rs 400 crore (Rs 4 billion) investment over the next two years to extend its reach in the Indian market.
The new deal could be worth anything between Rs 200-300 crore for three to five years.
The Sahara group on Tuesday told the Supreme Court that its chief Subrata Roy is not liable for refunding Rs 24,000 crore (Rs 240 billion) collected by its two firms from investors, countering the arguments of SEBI, which wanted his passport to be impounded till the contempt plea against him and companies is decided.
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