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.
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.
Market regulator Sebi has begun prosecution proceedings against two Sahara firms and their top officials, while accusing them of failing to provide documents related to three crore investors as per a Supreme Court order.
'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.'
'Two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses.'
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.
No reason was given for his resignation.
The SAT had listed the appeal for 'admission' today, but decided to post the matter for March 11 before the Tribunal's presiding officer.
The new cricket stadium being built by the Maharashtra Cricket Association (MCA) on the outskirts of Pune is to be named after Subrata Roy Sahara, the Chairman and Managing Worker of the Sahara Group.
Sahara Group got other much-needed relief with the apex court lifting its embargo of permitting it to sell only 19 properties.
The international stadium in Pune will no longer be known as 'Subrata Roy Sahara stadium' after business conglomerate Sahara Group decided to withdraw the name in the wake of its dispute with the Maharashtra Cricket Association.
The summons for personal appearance of Roy and three other directors of two Sahara firms were issued by Sebi to examine them for ascertaining details of their personal assets, as also the investments and assets of the companies, to move ahead with sale of immovable assets for realisation of money to be refunded to the investors.
Before surrendering to the police he clarified that he was no absconding.
Refuting the contention of Roy who had submitted that he cannot be penalised for non-refund of the money by Sahara India Real Estate Corp Ltd and Sahara India Housing Investment Corp Ltd, the market regulator said that the business tycoon held 70 per cent stake in the companies and liable for contempt of court punishable upto to six months imprisonment or fine.
Sahara also sought permission to sell its properties in Bangalore.
Sahara offers new plan for Subrata Roy's release
Sebi wants SC to initiate contemp proceeding against Subrata Roy for not complying it the regulator's orders.
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.
Sahara, which already has a more than $900 million loan from Bank of China on the three hotels, including the Plaza in New York, had sought the court's permission to take over the loan and refinance it from another creditor and raise a fresh loan of $650 million.
The cause list put on the apex court website on Monday, however, showed that the case, which was listed before a special bench of justices K S Radhakrishnan and J S Khehar "stands deleted and the same is adjourned".
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.
Holding that it was playing 'hide and seek' and cannot be trusted any more, the apex court on Monday directed the Sahara Group to hand over title deeds of its properties worth Rs 20,000 crore to Securities and Exchange Board of India warning that failure to comply would mean Subrata Roy cannot leave India.
He wanted 15-day relief to attend aunt's cremation.
Roy was jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog.
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.
Lawyers said that assets are being sold and the group is depositing the money with Sebi.
Shares of two Sahara firms fell by up to 5 per cent on Wednesday, after the group's chief Subrata Roy and two directors were jailed for a week for not complying with the Supreme Court order on refunding around Rs 20,000 crore (Rs 200 billion) of investors money.
Genuine investments identified so far is Rs.1.08 cr out of around Rs 24,000 cr.
Roy and his associates were jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog over the company's failure to repay billions of dollars to investors who were sold outlawed bonds.
SC refuses to extend the deadline for Sahara to deposit Rs 600 crore
SAT has issued order to freeze Subrata Roy's account.
The company wanted to pay off the depositors' money in instalments.
An investment vehicle lining up a $2 billion package to help bail the boss of India's troubled Sahara out of jail said it expects to ultimately take control of landmark hotel assets like New York's Plaza after the conglomerate fails to repay lenders.
The apex court on August 31 last year directed the two Sahara group companies to refund the money to their investors within three months with 15 per cent interest per annum.
The Supreme Court on Wednesday pulled up Sahara group for issuing public advertisements accusing SEBI of being a "sarkari gunda" (government goon) for taking action against it for not refunding Rs 20,000 crore (Rs 200 billion) to investors.
Sahara Chairman Roy was arrested on February 28 and has been held in a Delhi jail since March 4.
Roy was summoned by the market regulator Sebi on Wednesday to ascertain details of his personal and two company assets that could be sold to generate over Rs 24,000-crore (Rs 240-billion) worth funds required to be returned to the investors.
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.
Other London properties, aircraft & offshore accounts are yet to catch the attention of regulators.
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