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 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.
Subrata Roy, the self-styled managing worker of Sahara India Pariwar, India's biggest private-sector employer, will appear before the Supreme Court on Tuesday after spending the weekend in custody at a government nature-reserve guest house.
Sahara Group chairman Subrata Roy, who reached a compromise with the Board of Control for Cricket in India to pave the way for Pune Warriors' participation in the IPL, has demanded an open auction without any player retention to make the cash-rich Twenty20 league more entertaining.
Maharashtra and Uttar Pradesh shared a point each after their Group B Ranji Trophy match ended in a dull draw that saw 1433 runs being scored over four days on a dead track at the Subrata Roy Sahara Stadium, in Pune, on Monday.
Sahara relied on a letter from bank saying the funds were there.
Sahara was in funding talks with Mirach
Images from the IPL match between Pune Warriors and Delhi Daredevils in Pune on Sunday.
'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.'
Sahara group promoter Subrata Roy said he will take his newly acquired Indian Premier League (IPL) team public by 2013, the second year of operations, and is open to having investors take a minority equity stake in the franchisee.
The Supreme Court on Monday gave conglomerate Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy, who has been held in a New Delhi jail for more than a year. Sahara has made several failed attempts to raise $1.6 billion in bail money. Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal. The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy. On Monday, the country's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds.
The transactions between entities of Sahara Group show loopholes in regulation that can be exploited to fool investors and launder money.
Kedar Jadhav blasted an unbeaten run-a-ball century as Maharashtra produced a powerful batting display to post 339 for 3 against Uttar Pradesh on Day 1 of the Ranji Trophy Group B match, in Pune, on Friday. Jadhav (102) hit as many as 20 boundaries in his 102-ball innings, while Harshad Khadiwale (68) and Sangram Atitkar (80) laid the foundation with brilliant half-centuries.
Roy, who in compliance with the last order appeared before the court, was told by the apex court that he has to frequently make the payment as per the roadmap approved by the court or face further imprisonment.
'A law firm checked credentials of Karan Ajit Judge and Nouam'
Calling him "chor", a man from Gwalior today threw ink on the face of Sahara chief Subrata Roy
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.
As many as 3,268 title deeds in Sebi's possession would undergo scrutiny and be prepared for sale.
The sale is to generate the bail money for the release of Sahara Group chief Subrata Roy.
Images from the Indian Premier League match between Pune Warriors and Royal Challengers Bangalore, on Thursday.
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.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
Sahara accuses Mirach Capital of cheating, forging bank letter.
Aaron Finch (64) struck a half century as Pune Warriors notched up their first win of the season with an easy seven-wicket victory over Rajasthan Royals in their Pepsi IPL match on Thursday.
Subrata Roy's parole, granted on humanitarian grounds following his mother's death.
Having offered unconditional apology to SC, Subrata Roy can now try convincing apex court why he failed to appear before it
Summary of the matches played in the Vijay Hazare Trophy cricket competition across India on Thursday.
The law is knocking at Sahara Group Chairman Subrata Roy's doors yet he manages to find a few well wishers. Former Indian cricket captain Kapil Dev has expressed concern over the arrest of Roy.
The court allowed the group to re-auction certain properties in Ajmer, Firozabad, Vellore, Tiruchirappalli and Ujjain for which the bidding was at a much higher price
Deccan Chargers captain Kumar Sangakkara is a relieved man after his team registered its first win in the fifth edition of the Indian Premier League in Pune on Thursday.
Facing orders for freezing of bank accounts and attachment of properties, Sahara group Thursday night claimed the actions taken by Sebi are based on "old facts" and the orders for attaching assets of individuals is incorrect on part of the market regulator.
Sahara India Group, led by Subroto Roy, has been served with a notice over 'illegal construction' at its Sahara Sahar township in Gomti Nagar area of Lucknow.
Sahara Group chief Subrata Roy was granted interim bail on Wednesday by the Supreme Court.
Pune Warriors India will finally get to play at home this Indian Premier League as the Rs 260-crore international cricket stadium -- just 20kms from the city -- is set to be inaugurated in Pune, on Sunday.
Spanish bank denies credit line to bail Sahara boss.
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'.
Roy's plea was mentioned before a bench comprising justices K S Radhakrishnan and J S Khehar which said he has to appear on Wednesday.
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