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 said it has initiated legal action against Mirach Capital.
Charges retail franchises; says RBI tracking refund of Rs 71,000 cr to investors.
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
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 troubles regarding Indian Premier League doesn't seem to end as Sahara Pune Warriors failed to pay the full franchise fee for the current year which resulted in BCCI encashing the bank guarantee casting a shadow on its future in the cash-rich league in coming years.
Sahara Group pulled out of the Indian Premier League following financial dispute with the BCCI.
Market watchdog Sebi has asked various banks to provide it all account details of the Sahara group as well as their promoters and directors, and is also seeking help from RBI, ED and Financial Intelligence Unit as part of a multi-pronged probe into the entity.
Market regulator in talks with SBI Caps, UTI Infra for scrutiny and auction of properties.
Embroiled in a major crisis back home, Indian conglomerate Sahara has got unsolicited offers for at least three prized assets -- London's Grosvenor House and New York's Plaza and Dreams Downtown hotels.
No one knows when and how the powerful corporate giant was actually carted from Lucknow's state forest guest house.
The group also lauded 'Sebi's active cooperation' in the matter.
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
A criminal case has been registered against the group by the agency in connection with non-payment of crores of rupees to depositors after it got some fresh reports in this regard from the Sebi.
In the biggest aviation takeover in India, Jet Airways has struck a deal to buy Sahara Airlines for Rs 2,300 crore (Rs 23 billion), a move that would help Naresh Goyal promoted carrier to become the biggest domestic carrier.
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.
The Board of Control for Cricket in India rejected the Sahara Group's claim that it failed to expedite the arbitration process to reduce franchisee fee, saying it acted as per rules and is not responsible for the situation.
Of the 10 projects under Sahara City Homes, at least four -- in Ahmedabad (Gujarat), Aurangabad and Pune (Maharashtra) and Bareilly (Uttar Pradesh) -- have either not taken off or are stuck.
The Sebi is currently is in the process of selecting an In-Person Verification Agency to conduct face-to-face verification of an estimated three crore bondholders of two Sahara group firms, by checking their identify and address proofs.
The two-and-a-half-year-old Hotel Sahara Star, the only luxury establishment owned by Sahara Hospitality, currently has an inventory of 223 rooms.
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.
Spanish bank denies credit line to bail Sahara boss.
The Chief Justice said that some people play with the dignity of the court and there were some lawyers who are disrespectful towards the court.
Mirach Capital rejected accusations of indulging in forgery.
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.
Property sold via HDFC Realty for Rs 58 cr; 60 properties on sale via e-auction
Abraham, a 1982 Kerala cadre IAS officer, investigated Sahara during his tenure as whole-time member at Sebi.
Accused of persistent non-compliance, Sahara group on Tuesday offered Sebi fresh bank guarantees for Rs 22,500 crore and help in verifying investors including those the group claims to have already refunded.
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.
The Sebi, which has been mandated by the Supreme Court to facilitate refund of Rs 24,000 crore (Rs 240 billion) with 15 per cent annual interest to bondholders of two Sahara group firms after ascertaining their genuineness.
That's the amount payable by the Sahara group firms, according to Sebi's latest statement
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.
Sahara cousel Kapil Sibal said he was preparing an application.
Sahara was to provide a bank guarantee from HSBC.
Ramoji Rao lived as the interface between business and politics and was an active participant in both for most of his remarkable life.
The high-profile saga -- which on Friday saw the arrest of flamboyant Sahara group chief Subrata Roy, who calls himself 'Managing Worker' of his business empire -- has seen many dramatic events along the way.
Sahara told the top court this week it was considering other proposals to raise funds, including selling a luxury development outside Pune.
It is one of the three marquee hotels owned by Sahara outside India.
Sahara accuses regulator of injustice, bad intent.
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