Sebi says it will directly transfer the refund money to the bank accounts of genuine investors.
A lengthy court battle between Jet Airways and Air Sahara over their failed takeover deal does not seem inconceivable, as Sahara Group chief Subrata Roy has now moved a local court seeking stay on refund of Rs 500 crore
Russian fertiliser group Uralkali said that by turning down its higher bid for the company, the administrators had denied the extra funds that would have accrued to the shareholder of Force India - Mallya's Orange India Holdings Sarl - which is subject to a freezing order issued by the UK's High Court in favour of his 13 creditor Indian banks, led by the State Bank of India.
Contrary to speculation that it was seeking to revise downward the value of Air Sahara, Jet Airways' move to make part payment till the pendency of other issues demonstrated its strong desire to acquire the rival airline.
Various corporate houses and private banks, including Aditya Birla Group, Hindustan Lever, Sahara Group, Bank of America, ANZ Grindlays, ICICI Bank, ABN Amro and HSBC
A special IAF plane carrying Vajpayee landed at the Amausi airport in Lucknow at 1850 IST.
Sahara group on Wednesday said the sale of its airline to Jet Airways for $500 million was not a "distress deal but a profitable exit" from the business that did not hold promise and future in the short to medium term.
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 petition says that Sahara group Chairman Subrata Roy had been kept in 'illegal detention' by his wife and some other senior officers of the company.
Star, the Rupert Murdoch-owned media group, would launch its new channel as proposed on Monday, but has agreed to change its logo from 'One' to 'Star One'
Batra Hospitality Private Ltd broke no ground rules while disposing off its shareholding in Centaur Hotel Mumbai to Sahara Group, Lok Sabha was informed on Wednesday.
Sahara group chairman Subroto Roy on Friday celebrated his 58th birthday, making a rare television appearance, which he used to scotch rumours about his health, assert that he was "absolutely disease free" and deny that his Rs 50,000 crore business e
Sahara Group Chairman Subroto Roy will go public on Friday to state that he is 'absolutely disease free' and to deny that there is any political pressure on his group.
Insurance Regulatory and Development Authority has permitted Sahara Group to enter life-insurance segment, and issued 12 letters of intent to insurance broking entities, including three having foreign equity stake, to conduct business in India.
SEBI on Wednesday told the Supreme Court that Sahara group overvalued its properties and did not hand over all original title deeds of assets worth Rs 20,000 crore (Rs 200 billion) as per its direction.
Sahara also sought permission to sell its properties in Bangalore.
Disinvestment Ministry has stipulated a three year lock in period for prospective bidders vying for stake in Hindustan Copper where Government proposes to shed its entire equity.
The 20-year-old hockey star was transported in a helicopter provided by the Sahara Group.
Refuting the contention of Roy who had submitted that he cannot be penalised for non-refund of the money by Sahara India Real Estate Corp Ltd and Sahara India Housing Investment Corp Ltd, the market regulator said that the business tycoon held 70 per cent stake in the companies and liable for contempt of court punishable upto to six months imprisonment or fine.
Citing the SC order in Sahara case, Sebi has passed orders against at least five companies and 21 individuals charged with collecting thousands of crores fraudulently
The report also revealed the parlous finances of the Vijay Mallya-owned team at the time they were taken into administration last July.
Mirach said it has remitted $2.625 million to the Sebi-Sahara Fund.
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.
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