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.
Subrata Roy is in jail since March last year.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
Sahara relied on a letter from bank saying the funds were there.
Sahara India needs to pay back $5.3 billion, raised from millions of small investors through the sale of bonds ruled by the Supreme Court to be illegal, before founder Subrata Roy can be released.
Sebi suggested Roy be allowed to step out of Tihar jail for a few hours every day to negotiate the sale of his foreign properties over video conference.
Force India finished sixth in 2014 but spent much of last season calling for cost cuts.
Subrata Roy turned up at a New Delhi stadium, best known for hosting the Commonwealth Games, last week as part of his country wide Abhaar Yatra.
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.
Former head of McKinsey & Co,c, is not alone in writing a book on his life after serving a prison term.
Sahara Group chief Subrata Roy was granted interim bail on Wednesday by the Supreme Court.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
A bench headed by Justice T S Thakur asked Delhi government to issue notification by August 4 for converting the conference room into jail which can be used by Roy and two jailed directors of Sahara for 10 working days from 06:00 AM to 08:00 PM for holding negotiations with prospective buyers of hotels in New York and London.
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.
Landmark judgments follow new CJI's assumption of office.
CBI not to need prior approval to probe corrupt govt officials.
Corporate legal cases kept India Inc on its toes in 2014 as high stake matters on coal, telecom and mining came up in the Supreme Court, which also sent Sahara Group chief Subrata Roy to jail.
Sahara Chief Subrata Roy was on Tuesday ordered to remain in custody for a week in Delhi by the Supreme Court which was unhappy over the proposal his group on the refund of investors' money as it has not come up with any concrete proposal.
India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers, point out Manoj Kumar and Mayank Bhardwaj.
The court also issued notice to the Income Tax department.
Under Section 71 of the legislation, which took effect this month, corporate bond issuers have to create a debenture redemption reserve equivalent to at least 50% of a planned bond sale before the maturity of the security.
The court will hear Sahara case on July 14.
Delhi court to hear Subrata Roy's IT case on June 1.
Few top honchos of India Inc did very well in 2014.
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