Sahara Counsel told the court that negotiations were underway for selling Sahara Group's offshore properties for raising sufficient fund for Subrata Roy's bail.
"My judicial custody in Tihar jail and being confined to a prison cell with just the basic amenities definitely came as a rude shock."
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.
The liquidator said the properties are being sold under two distinct phases over a period of two days
The Supreme Court on Friday reserved its order on interim bail plea of Sahara Chief Subrata Roy who pleaded to the court to show 'raham' (mercy) and allow him to come out of jail to sell off his properties to deposit Rs 10,000 crore (Rs 100 billion) with SEBI as directed to get regular bail.
The estimated costs of these weddings start from Rs 100 crore and go up to Rs 700 crore.
Sahara Chief Subrata Roy, who has been in jail for the last four months, on Thursday pleaded before the Supreme Court to allow him parole for at least 40 days to sell his properties to raise Rs 10,000 crore to get bail and expressed his willingness to dispose of luxury hotels in New York and London.
Looking to raise funds to ensure release of its chief Subrata Roy from jail, Sahara has sold a big land parcel at the outskirts of the national capital for Rs 1,211 crore to Gurgaon-based developer M3M India Ltd.
'A law firm checked credentials of Karan Ajit Judge and Nouam'
SC refuses to extend the deadline for Sahara to deposit Rs 600 crore
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
Ramoji Rao lived as the interface between business and politics and was an active participant in both for most of his remarkable life.
Sonu Nigam turned 50 on July 30, and hosted a grand birthday bash in Mumbai on Saturday night.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
'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 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.
This is not the first time Reliance has eyed a stake in the club.
The Supreme Court has set conditions on the fund raising, however, and on Friday asked Sahara to obtain necessary approvals from the Indian central bank and other authorities to comply with foreign exchange rules.
The Sahara case reveals that, in today's environment, court intervention is what makes a major difference.
It was business as usual at Sahara Sahar, the sprawling estate in the posh Gomti Nagar area, where Roy's residence and the Group's corporate communication wing are located.
The apex court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs 10,000 crore (Rs 100 billion) out of which Rs 5,000 crore (Rs 50 billion) has to be in bank guarantee and rest Rs 5,000 crore (Rs 50 billion) in cash.
On Feb 26, SC issued an arrest warrant against Subrata Roy after he failed to turn up in court for hearing
Subrata Roy has been held in jail for more than a year.
India's badminton sensation PV Sindhu was felicitated by the Sahara India Pariwar in Mumbai on Sunday.
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.
Former head of McKinsey & Co,c, is not alone in writing a book on his life after serving a prison term.
Roy will also have to submit his passport to the court.
The Supreme Court on Wednesday directed Sahara chief Subrata Roy to deposit Rs 300 crore by September 16.
Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors by selling them bonds later ruled to be illegal.
Subrata Roy has been in a Delhi jail since March 4 after failing to appear at a contempt hearing in his group's legal battle with the Securities and Exchange Board of India over the company's failure to repay investors who bought the outlawed bonds.
Sahara group, whose chief Subrata Roy who was in jail for over two years in connection with a long-running dispute with markets regulator Sebi is now out on parole
The stars attended Abhinav and Ashima Shukla's wedding reception at Taj Land's Bandra.
The sale is to generate the bail money for the release of Sahara Group chief Subrata Roy.
Fed up with the tactics of Sahara Group and its chief Subrata Roy, the Supreme Court observed that judges would need to be "superhumans" to handle the pressures to handle frivolous litigations.
The market regulator is seeking help from its peers in Mauritius, the UK and the US to solve the high-profile money laundering case involving Sahara chief Subrata Roy.
Battling a long-drawn legal tussle with Sebi, conglomerate Saharas claim to have as many as 4,799 establishments under its fold, but its 'Chief Guardian and Managing Worker' Subrata Roy holds board seats on just a handful of registered group companies.
In the midst of its bloody battles with the Supreme Court and Sebi, Sahara group gets the Calcutta high court to issue a stay order on the publication of the book, Sahara: The Untold Story, by Tamal Bandyopadhyay.
The group is selling property to raise a particular sum for the release of its chief Subrata Roy, in Tihar jail since March 4.
Roy was allowed by the Supreme Court to use the jail's conference room to negotiate sale of his hotels in order to collect Rs 10,000 crore (Rs 100 billion) for his bail.
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