The Sahara group has accused Mirach of 'cheating and forgery'.
The Supreme Court on Friday asked Sahara and SEBI to formulate mechanism for securing payment of around Rs 19,000 crore (Rs 190 billion) of investors' money after the Subrata Roy-led group agreed to pledge it's immovable property as security but the market regulator questioned the sale deed and worth of the properties.
The apex court was irked when Sebi claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.
The Supreme Court will hear Subrata Roy's plea against his detention on Thursday.
The court, however, reserved its order on a fresh plea of Roy seeking modification of an earlier order by which he was asked to pay Rs 5,000 in cash besides a bank guarantee of an equivalent amount.
Struggling Pune Warriors, with a question mark hanging over the fitness of their impact player Yuvraj Singh, cross swords with high-flying Rajasthan Royals in the Pepsi IPL clash at the Subrata Roy Sahara Stadium in Pune on Thursday.
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.
A lengthy court battle between Jet Airways and Air Sahara over their failed takeover deal does not seem inconceivable, as Sahara Group chief Subrata Roy has now moved a local court seeking stay on refund of Rs 500 crore
A bench of justices K S Radhakrishnan and J S Khehar considered the application of the group seeking modification in the order in chamber.
Mirach said it has remitted $2.625 million to the Sebi-Sahara Fund.
Sahara group has been engaged in a long-running regulatory and legal battle with Sebi.
Former IPL chief shooed off potential buyers at the behest of Sushanto Roy, says broker
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.
The government on Friday informed the Parliament that Sebi has discovered discrepancies in the claims by the bondholders and the database provided by Sahara Group in the Rs 20,000-crore (Rs 200 billion) investors money refund case.
With Sahara India chief Subrata Roy behind bars, the country's first seaplane service from the megapolis to Aamby Valley City, which is run by the Sahara group, was today grounded for the time being.
Senior advocate Rajeev Dhawan, appearing for Sahara, sought release of Sahara chief Subrata Roy on the ground of his "deteriorating" health and the fact that market regulator Sebi has already been authorised to sell 66 properties
The NBFC was registered on December 1998, with an office in Lucknow.
As Sahara group chief Subrata Roy was arrested this morning amid high drama, son Seemanto said his father "wilfully submitted" before the Lucknow police.
Jailed chief of Sahara conglomerate Subrata Roy has once again been provided with an AC conference room with services like Internet and video-conferencing at the Tihar prison as per a Supreme court order to complete negotiations for raising funds for his bail.
Aimed at ensuring a smooth buyout of Air Sahara by Jet Airways, Sahara Group chairman Subrata Roy on Thursday assured full job protection
Sahara told the court it was working on new deals to raise funds.
The apex court had also asked Sahara Group to provide it within two weeks the list of "unencumbered properties" which can be put for public auction to realise the remaining over Rs 14,000 crore
The Sahara chief was lodged in a guest house of the state forest department at Kukrail
Sahara Group chief Subrata Roy is still interested in buying a majority stake in Liverpool and discussions are taking place, although they are at an early stage, according to reports published on Wednesday.
'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.'
In a fresh twist to the alleged "forgery" saga, US-based Mirach has asked Sahara to make a "formal apology" for tarnishing its image.
On February 13, Sebi passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts.
It was tough to say if Roy was in police custody or vice versa.
The Allahabad high court on Thursday dismissed the habeas corpus petition claimed to have been filed on behalf of the ailing Sahara group chairman Subrata Roy
Besides Roy, the apex court also granted parole to one of jailed Sahara directors Ashok Roy Choudhary, who is a relative of Subrata.
Subrata Roy has been in Tihar jail since March 4, 2014.
On Feb 26, SC issued an arrest warrant against Subrata Roy after he failed to turn up in court for hearing
Actress Priyanka Chopra, Bipasha Basu, Neha Dhupia, Sameera Reddy perform at the event.
Ramoji Rao lived as the interface between business and politics and was an active participant in both for most of his remarkable life.
A major controversy was averted on Thursday when an angry chairman of selectors Sandeep Patil threatened to storm out of the Subrata Roy Sahara stadium in Pune before officials of the Maharashtra Cricket Association (MCA) intervened and persuaded him to stay back.
Sahara told the top court this week it was considering other proposals to raise funds, including selling a luxury development outside Pune.
The Supreme Court has given troubled conglomerate Sahara a month's time to explain why a receiver should not be appointed to auction off its properties.
The Sahara Group has sought Supreme Court's permission to sell its shares in the Force India Formula 1 team as part of its effort to raise funds for the release of conglomerate's jailed chief Subrata Roy.
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