Sahara Group chief Subrata Roy passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, a company statement said. He was 75. He was 75. According to the company statement, he passed away at 10.30 pm due to cardio-respiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
Sebi's action on Sahara is showing results, but problems remain.
"SIICL, which is one of the group companies belonging to Sahara group, as such cannot transact the business of non- banking financial institutions," RBI said on Friday.
The transactions between entities of Sahara Group show loopholes in regulation that can be exploited to fool investors and launder money.
The objective of Sahara Power Fund would be to invest "in equities and equity-related securities of companies engaged in the business of generation, transmission, distribution of power or in those companies engaged directly or indirectly in any activity associated with power sector", said the draft document filed with the market regulator SEBI.
The Securities Appellate Tribunal on Thursday dismissed an appeal by two Sahara group firms against Sebi in the high-profile case involving refund of about Rs 24,000 crore (Rs 240 billion) with interest to about three crore investors.
When Sahara sought SAT's intervention against Sebi's orders, the tribunal said they will not.
The Sahara group apologised for its earlier advertisements expressing regret for 'unintentional wrongs, disrespectful feelings, hurt and annoyance.'
The Supreme Courts has pulled up Sahara Group and its chief Subrata Roy for not responding to the contempt plea filed against them by SEBI.
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.
The regulator, in a public notice, said investors of Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd should take investment decision at their own risk.
India's Sahara Group is in advanced talks with Manchester United to become the new shirt sponsors of the English Premiership champions, domestic media reported on Thursday.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
Force India, co-owned by Vijay Mallya, is set to sell a minority stake in the Formula One team to Sahara Group, which also sponsors the national cricket team, a source with knowledge of the deal told Reuters on Wednesday.
Court also questioned market regulator's lack of action.
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.
The permission came after the court was satisfied that the transactions were in accordance with its June 4 order.
Sahara group confirmed the development but expressed ignorance as to why this action was being taken against it.
In a major setback to the Sahara Group, the Supreme Court on Friday directed two of its companies to refund around Rs 17,400 crore to their investors within three months with 15 per cent interest.
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.
Sahara group, whose legal battle with Sebi continues in Supreme Court over refund of over Rs 20,000 crore (Rs 200 billion) to investors, has made a surprise announcement of plans being afoot to hire over 56,000 new employees this year along with investments to the tune of nearly Rs 32,400 crore (Rs 324 billion).
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
Interview with Tamal Bandyopadhyay, the author of Sahara: The Untold Story.
Sebi on Wednesday ordered the attachment of bank and demat accounts of Sahara Group chief Subrata Roy and three others to recover Rs 6.48 crore for violating regulatory norms by two group companies. The recovery proceedings have been initiated against these four persons for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs) by two group companies. Apart from Sahara, others whose bank and demat accounts were attached are Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bharrgava.
Author Tamal Bandyopadhyay talked about his book Sahara: The Untold Story during a Rediff chat on Friday.
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
Even as Sebi probed, OFCD money moved across the globe, Aamby Valley (Mauritius) at centre of global transactions; All transactions legal, no Sebi bar on doing business: Sahara
Sahara India Group, led by Subroto Roy, has been served with a notice over 'illegal construction' at its Sahara Sahar township in Gomti Nagar area of Lucknow.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
'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.'
The journalist-turned author will be available for a live chat on rediff.com on Friday, June 6, 3 pm.
Shares of two Sahara firms fell by up to 5 per cent on Wednesday, after the group's chief Subrata Roy and two directors were jailed for a week for not complying with the Supreme Court order on refunding around Rs 20,000 crore (Rs 200 billion) of investors money.
This is not the first time Reliance has eyed a stake in the club.
After Sebi rejected the information sought from it through an Right To Information application in this regard, the appellant approached the Appellate Authority but the appeal has been rejected there also.
All four societies were under common management of the Sahara group and had collectively garnered Rs 86,673 crore, including more than Rs 47,000 crore collected by Sahara Credit Cooperative Society Ltd from nearly 4 crore depositors.
Who's telling the truth? The government? Or the high-profile group with interests in para banking, aviation, real estate and the media?
Who's telling the truth about the Sahara India group? The government of India? Or the high-profile corporate group with interests in para banking, aviation, real estate and the media?
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
The criminal case was registered by the Mumbai zonal office of the agency after it got reports in this regard from the Sebi.
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