SEBI on Wednesday told the Supreme Court that Sahara group overvalued its properties and did not hand over all original title deeds of assets worth Rs 20,000 crore (Rs 200 billion) as per its direction.
The company has been given time till June by mortgage holders Reuben Brothers
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.
Sahara's propensity to issue full-page advertisements indirectly targeting the court's wisdom every time it suffered a setback could have hardly helped its cause.
The bench, which said that Sahara group must refund the amount by August 31 or face personal appearance, however, refrained from passing orders as the counsel for Roy pleaded that no such order be passed without hearing him and posted the case for hearing on July 24.
The criminal case was registered by the Mumbai zonal office of the agency after it got reports in this regard from the Sebi.
Property sold via HDFC Realty for Rs 58 cr; 60 properties on sale via e-auction
The group also said that Rs 20,000 crore was being demanded from it as 'security' because the Supreme Court has said that 'after verification of Sebi, if there are partially or fully fictitious accounts then that amount will go to government account'.
Tightening its noose around Sahara group, market regulator Sebi on Tuesday asked Sahara group chief Subrata Roy and three other top executives to submit details of their assets, bank accounts and tax returns by April 8 followed by personal hearings on April 10.
The court had previously rejected Roy's plea to move to a house arrest in its last hearing on April 9 and asked the lawyers to file short written submissions on April 16.
The Supreme Court on Wednesday has issued a non-bailable warrant against Sahara chief Subrata Roy for his failure to appear in court.
The Supreme Court on Wednesday said that the money likely to be arranged by Sahara Group from overseas to raise Rs 10,000 crore (Rs 100 billion) for the release of its jailed chief Subrato Roy would come into the country only after necessary clearances by RBI.
Supreme Court issued non-bailable warrant against Subrata Roy on Wednesday.
A bench headed by Chief Justice R M Lodha dismissed the PIL and expressed concern over such petitions being in the Supreme Court.
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.
Interview with Tamal Bandyopadhyay, the author of Sahara: The Untold Story.
Sahara has ploughed at least Rs 1,500 crore from two of its credit cooperatives into the Aamby Valley resort project
Sahara chief Subrata Roy, who was sent in judicial custody for a week in Delhi by the Supreme Court today, will be kept in high-security Tihar prison where he will sleep on the floor and eat jail food like an ordinary prisoner.
Mirach Capital rejected accusations of indulging in forgery.
London-based Indian Journalist's Association (IJA) has sent a notice to Sahara Pariwar chairman and managing worker Subrata Roy asking his group not to prevent journalists from discharging their duties.
The Tribunal, in its last hearing in Mumbai on March 23, decided to hold its final hearing in the matter here in the National Capital on March 26.
Jail officials, group to thrash out finer details to enable late night skype with Los Angeles-based buyers.
Sahara India chief Subrata Roy says that there is no question of sponsoring the Indian cricket team. However, the group will continue to support the Pune Indian Premier League team.
Sahara India on Monday said it has earmarked an investment of Rs 3,000 crore (Rs 30 billion) to launch retail outlets -- Sahara Q Shops -- initially in five states covering 60 cities and towns from August 15.
Sebi roped in HDFC Realty and SBI Cap after being asked by the Supreme Court to initiate the process of selling Sahara properties whose titles have been deposited with it by the group
Subroto Roy-led Sahara Group's para-banking company on Thursday obtained a stay on Reserve Bank's ban on accepting fresh deposits from investors.A vacation bench at the Lucknow Bench of the Allahabad High Court granted the stay on a petition filed by Sahara India Financial Corp's executive director O P Srivastava and posted the matter for further hearing in last week of July.
Chief metropolitan magistrate Vinod Yadav directed the Delhi Police to execute the warrant against Roy and four other company officials by February 9.
The bench said it is evident that there was a difficulty for the group to sell its properties to arrange Rs 36,000 crore
Grosvenor House hotel was put on sale by its lender Bank of China earlier this year after a 'technical default'
As Sahara India chief Subrata Roy continues negotiations with potential investors to raise funds to secure his release from jail, a senior group executive has proposed a 'contribution scheme' to raise Rs 2,500-3,000 crore ( 25-30 billion) from two lakh members of its parabanking division.
The Supreme Court on Wednesday directed Sahara chief Subrata Roy to deposit Rs 300 crore by September 16.
Roy met 3 potential buyers for an hour amid tight security.
Sahara India on Thursday unveiled an ambitious housing scheme that envisages building 675,000 houses in 202 cities at an estimated cost of Rs 83,000 crore.
That's the amount payable by the Sahara group firms, according to Sebi's latest statement
In a relief to Sahara, a US court has rejected a plea seeking to attach the Indian group's prized Plaza and Dream Downtown hotels.
The contribution 'appeal' was made through a one-page letter signed by directors of a hitherto unknown society and 'associates' of the group. Company officials, however, disowned any connection with the appeal.
Selling anything from packaged food to home appliances, these kiosk-like shops have sales of Rs 40,000-Rs 50,000 a month in a busy locality, with 25-30 customers a day.
Sahara India was required to submit the title deeds of Rs 20,000 crore (Rs 200 billion) to the marker regulator as per direction of the Supreme Court.
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