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.
The apex court had asked Roy to pay Rs 10,000 cr.
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.
Sahara group has sought extension of negotiation facilities in the Tihar jail here for its chief Subrata Roy by a further 45 days.
"My judicial custody in Tihar jail and being confined to a prison cell with just the basic amenities definitely came as a rude shock."
'A law firm checked credentials of Karan Ajit Judge and Nouam'
The Supreme Court on Friday reserved its order on interim bail plea of Sahara Chief Subrata Roy who pleaded to the court to show 'raham' (mercy) and allow him to come out of jail to sell off his properties to deposit Rs 10,000 crore (Rs 100 billion) with SEBI as directed to get regular bail.
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.
Shares of Sahara Housingfina Corporation on Monday fell 4.39 per cent on the BSE after Sahara chief Subrata Roy was arrested by the Lucknow police.
Market regulator Sebi has begun prosecution proceedings against two Sahara firms and their top officials, while accusing them of failing to provide documents related to three crore investors as per a Supreme Court order.
The liquidator said the properties are being sold under two distinct phases over a period of two days
Sahara Chief Subrata Roy, who has been in jail for the last four months, on Thursday pleaded before the Supreme Court to allow him parole for at least 40 days to sell his properties to raise Rs 10,000 crore to get bail and expressed his willingness to dispose of luxury hotels in New York and London.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
The international stadium in Pune will no longer be known as 'Subrata Roy Sahara stadium' after business conglomerate Sahara Group decided to withdraw the name in the wake of its dispute with the Maharashtra Cricket Association.
The apex court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs 10,000 crore (Rs 100 billion) out of which Rs 5,000 crore (Rs 50 billion) has to be in bank guarantee and rest Rs 5,000 crore (Rs 50 billion) in cash.
Sebi wants SC to initiate contemp proceeding against Subrata Roy for not complying it the regulator's orders.
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.
SAT has issued order to freeze Subrata Roy's account.
It was business as usual at Sahara Sahar, the sprawling estate in the posh Gomti Nagar area, where Roy's residence and the Group's corporate communication wing are located.
The company wanted to pay off the depositors' money in instalments.
Sahara, which already has a more than $900 million loan from Bank of China on the three hotels, including the Plaza in New York, had sought the court's permission to take over the loan and refinance it from another creditor and raise a fresh loan of $650 million.
Sahara Chairman Roy was arrested on February 28 and has been held in a Delhi jail since March 4.
The Sahara case reveals that, in today's environment, court intervention is what makes a major difference.
Roy and his associates were jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog over the company's failure to repay billions of dollars to investors who were sold outlawed bonds.
Fed up with the tactics of Sahara Group and its chief Subrata Roy, the Supreme Court observed that judges would need to be "superhumans" to handle the pressures to handle frivolous litigations.
Subrata Roy has been held in jail for more than a year.
The cause list put on the apex court website on Monday, however, showed that the case, which was listed before a special bench of justices K S Radhakrishnan and J S Khehar "stands deleted and the same is adjourned".
The Supreme Court asked the Group to come out with a logical and acceptable proposal on paying Rs 10,000 crore.
On Feb 26, SC issued an arrest warrant against Subrata Roy after he failed to turn up in court for hearing
Other London properties, aircraft & offshore accounts are yet to catch the attention of regulators.
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 apex court on August 31 last year directed the two Sahara group companies to refund the money to their investors within three months with 15 per cent interest per annum.
Roy will also have to submit his passport to the court.
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.
Roy was jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog.
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.
Sahara India launched Sahara Care House, a single window service platform for global Indians.
India's badminton sensation PV Sindhu was felicitated by the Sahara India Pariwar in Mumbai on Sunday.
Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors by selling them bonds later ruled to be illegal.
Actress Priyanka Chopra, Bipasha Basu, Neha Dhupia, Sameera Reddy perform at the event.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances