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.
RBI has sought to stop one of its firms from disposing off assets.
'Two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses.'
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.
SAT has issued order to freeze Subrata Roy's account.
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
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.
The bench asked the official liquidator, attached with the Bombay high court, to auction Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it
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.
The apex court told Roy that his proposal of paying Rs 1,500 crore, if the auction process was halted or postponed, was unbelievable.
SC wanted to know how it encashed securities deposited with RBI.
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.
The liquidator said the properties are being sold under two distinct phases over a period of two days
The Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
The judges said the group can sell 13 out of the 15 properties mentioned in one of the lists to deposit the amount.
Case in the US relates to an Airbus Corporate Jet
The group also lauded 'Sebi's active cooperation' in the matter.
The apex court also asked Sahara Group to provide it within two weeks the list of 'unencumbered properties' which can be put on public auction.
Besides Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies.
The 74-year-old senior advocate had given up practice following his courtroom spat with then Chief Justice of India Dipak Misra.
The Ram Mandir-Babri Masjid title dispute case, the Sebi-Sahara payment row, the Aadhaar privacy issue and the Cauvery water dispute are only some of the legal puzzles he will have to deal with.
Sahara also sought permission to sell its properties in Bangalore.
SC refuses to extend the deadline for Sahara to deposit Rs 600 crore
Earlier, the top court said it had been "taken for a ride" by the Sahara group by its past conduct and asked it to submit a roadmap for paying the balance amount
The permission came after the court was satisfied that the transactions were in accordance with its June 4 order.
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
Before surrendering to the police he clarified that he was no absconding.
Latest exercise follows two similar attempts made by Sebi in the past
This was due to a planned expenditure being revised
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.
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.
Property sold via HDFC Realty for Rs 58 cr; 60 properties on sale via e-auction
Sahara Group got other much-needed relief with the apex court lifting its embargo of permitting it to sell only 19 properties.
Mirach said it has remitted $2.625 million to the Sebi-Sahara Fund.
Lawyers said that assets are being sold and the group is depositing the money with Sebi.
The bench said it is evident that there was a difficulty for the group to sell its properties to arrange Rs 36,000 crore
The income tax (IT) department seems to have quietly thrown a spanner in the works on the Securities and Exchange board of India (Sebi)'s two-year-long efforts to implement the Supreme Court order against the two Sahara group firms Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Invest Corporation (SHICL).
In the midst of its bloody battles with the Supreme Court and Sebi, Sahara group gets the Calcutta high court to issue a stay order on the publication of the book, Sahara: The Untold Story, by Tamal Bandyopadhyay.
'The entire explanation of the episode is difficult to digest.'
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