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Sebi has been engaged in a long-running case with Sahara group over refund of more than Rs 24,000 crore (about $five billion) collected by two Sahara companies from more than three crore investors through issue of certain bonds.
Sebi has been engaged in a long-running case with Sahara group over refund of more than Rs 24,000 crore (about $five billion) collected by two Sahara companies from more than three crore investors through issue of certain bonds.
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 Supreme Court asked the Group to come out with a logical and acceptable proposal on paying Rs 10,000 crore.
Sahara chief had recently made a plea before the apex court to pass an early order on his petition challenging his detention, saying temperature in the capital has gone up and he is not feeling well in jail.
Sahara Group chief Subrata Roy and two directors have been in Tihar Jail since March 4.
Sahara Chairman Roy was arrested on February 28 and has been held in a Delhi jail since March 4.
It's business as usual for Sahara in some places, but collection agents fend tough questions from investors.
The Sahara group on Tuesday made a fresh proposal before the Supreme Court for depositing Rs 20,000 crore (Rs 200 billion) investors' money with SEBI to secure release of its chief Subrata Roy.
Selling anything from packaged food to home appliances, these kiosk-like shops have sales of Rs 40,000-Rs 50,000 a month in a busy locality, with 25-30 customers a day.
Supreme Court defers till Wednesday hearing on Sahara Group's plea.
That's the amount payable by the Sahara group firms, according to Sebi's latest statement
Abraham, a 1982 Kerala cadre IAS officer, investigated Sahara during his tenure as whole-time member at Sebi.
It was tough to say if Roy was in police custody or vice versa.
Having offered unconditional apology to SC, Subrata Roy can now try convincing apex court why he failed to appear before it
The case related to two Sahara Group firms --Sahara Housing Investment Corporation Ltd and Sahara India Real Estate Corp Ltd -- raising more than Rs 24,000 crore (Rs 240 billion) from an estimated 3 crore (30 million) investors through issuance of certain bonds between 2008-2009.
The apex court had asked Roy to pay Rs 10,000 cr.
Senior advocate C A Sundaram, appearing for Roy, submitted that his client has some business overseas and he is needed there.
The team, who became Force India in 2008 after Indian beer baron Vijay Mallya bought Spyker F1, were taken over in August by Canadian billionaire Lawrence Stroll after going into administration.
A 'communication dated May 6, 2014 received from Justice J S Khehar was placed before the Chief Justice of India on May 7.
On February 13, Sebi passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts.
SC adjourns contempt plea to July 17; directs Sebi to start refunding genuine investors.
The regulator is also expected to update its board about two high-profile corporate cases -- one involving refund of investors' money by Sahara group and the other about Reliance Industries' appeal against its decision on settlement of cases through consent mechanism.
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.
The Tribunal will hold on Saturday its 'preliminary hearing' of four petitions in this matter related to the high-profile case involving a refund of over Rs 24,000 crore (Rs 240 billion) raised through 'various illegalities' by two Sahara companies.
The Sahara's is a high-profile refund case involving an estimated Rs 24,000 crore (Rs 240-billion) payment to over three crore (thirty million) investors.
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 hearing was adjourned to March 25.
In the high-profile case involving repayment of money to bondholders of two Sahara group firms, the Securities and Appellate Tribunal on Thursday dismissed a plea for extension of deadline for submitting investor documents to the market regulator Sebi.
SAT has issued order to freeze Subrata Roy's account.
Ending weeks of speculation, the Board of Control for Cricket in India on Saturday indicated in clear terms that Pune Warriors, owned by the Sahara Group, will play all their IPL home games this season at Pune only.
The SAT had listed the appeal for 'admission' today, but decided to post the matter for March 11 before the Tribunal's presiding officer.
The company is seeking more time to submit documents related to about three crore investors in the case involving two of its group companies.
An upset Sahara Group chief Subrata Roy lashed out at N Srinivasan on Friday and declared his company will not sponsor the Indian cricket team as long as the beleaguered Board of Control for Cricket in India president is at the helm.
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.
'Two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses.'
Sahara Group got other much-needed relief with the apex court lifting its embargo of permitting it to sell only 19 properties.
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.
Sebi wants SC to initiate contemp proceeding against Subrata Roy for not complying it the regulator's orders.
Severe jolt to Sahara Group, strict scrutiny of mining activities and scrapping of licences for 2G spectrum dominated the corporate legal battle in 2012 in the Supreme Court which gave a decisive victory to telecom major Vodafone in a Rs 11,000 crore tax case.
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