Senior advocate Rajeev Dhawan, appearing for Sahara, sought release of Sahara chief Subrata Roy on the ground of his "deteriorating" health and the fact that market regulator Sebi has already been authorised to sell 66 properties
While Sahara maintains it has already repaid more than 93 per cent of the outstanding dues directly to the concerned bondholders and the remaining amount was just about Rs 2,500 crore (Rs 25 billion), it deposited Rs 5,120 crore (Rs 51.2 billion) to Sebi in December 2012 towards the investor refunds as per Supreme Court orders.
In the first week of January, the two Sahara companies-- Sahara India Real Estate Corp and Sahara Housing Investment Corp -- moved the Supreme Court saying the money deposited with Sebi -- Rs 5,120 crore (Rs 51.2 billion) -- was more than adequate to meet payments to investors and the matter was to come up for hearing next week, the counsel said.
Sahara group has been engaged in a legal battle with Sebi for long over raising Rs 24,000 crore (Rs 240 billion) from investors.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
The Supreme Court on Friday asked Sahara and SEBI to formulate mechanism for securing payment of around Rs 19,000 crore (Rs 190 billion) of investors' money after the Subrata Roy-led group agreed to pledge it's immovable property as security but the market regulator questioned the sale deed and worth of the properties.
Author Tamal Bandyopadhyay talked about his book Sahara: The Untold Story during a Rediff chat on Friday.
Sebi says Sahara investors refunded over Rs 42 cr.
Sahara told the court it was working on new deals to raise funds.
The India meteorological department (IMD) on Wednesday evening issued a red alert for Mumbai and its neighbouring districts, predicting "extremely heavy rainfall".
Shares of Sahara Housingfina Corporation on Monday fell 4.39 per cent on the BSE after Sahara chief Subrata Roy was arrested by the Lucknow police.
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.
Jet Airways' $500-million deal to takeover Air Sahara got a boost on Monday with the home ministry giving security clearance to four Jet officials to be on the board of Air Sahara.
The company will get title rights and branding opportunities at major FIH tournaments including the men's and women's World Cup in 2006.
The Sahara case reveals that, in today's environment, court intervention is what makes a major difference.
Sebi says it will directly transfer the refund money to the bank accounts of genuine investors.
Each member of the Afro-Asian Games gold medal-winning squad was presented a cheque of Rs 150,000.
Oriental Insurance Company Ltd hopes to bag the Air Sahara insurance business after its merger with Jet Airways.
The Tribunal adjourned till Monday this matter, which was listed for 'admission' this morning.
Senior advocates Kapil Sibal and Mukul Rohatgi, appearing for Sahara, has sought time till August 15 for realisation of the cheque and giving a road map for depositing the remaining amount.
Income tax department has begun a survey in a few state offices of Sahara group's para banking operations to get details on depositors.
Company has submitted before the court that the plaintiff is attempting to attach property that falls outside of the jurisdiction of the court
Suitors came with all-cash offers but were rebuffed
Ruling out the sale of Sahara TV following the takeover of its airline business by rival Jet Airways, a top Sahara group official on Tuesday said the company's entertainment wing was looking forward to expanding operations, with the launch of a new H
The transactions between entities of Sahara Group show loopholes in regulation that can be exploited to fool investors and launder money.
To locate genuine investors who may have deposited money with Sahara, the regulator also wants to issue public notices in regional language newspapers.
Force India has been re-named Sahara Force India after the Sahara Group bought stake in the Vijay Mallya-owned Formula One team. As per the agreement between the parties, Sahara Group and Mallya's UB Group will have 42.5 percent stake each in the team.
Reports said that the two hotels can fetch up to $1 billion.
Team India sponsorship will not be affected due to the takeover of the Sahara airline by competitor Jet Airways
In the biggest aviation takeover in India, Jet Airways has struck a deal to buy Sahara Airlines for Rs 2,300 crore (Rs 23 billion), a move that would help Naresh Goyal promoted carrier to become the biggest domestic carrier.
The criminal case was registered by the Mumbai zonal office of the agency after it got reports in this regard from the Sebi.
