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).
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.
More properties are expected to go under the hammer in the coming days.
Sahara made an overseas direct investment against RBI rules.
Troubled business tycoon Vijay Mallya, on Sunday, asserted that his stepping down as chairman of the United Spirits Ltd will not affect his control in Formula One team, Sahara Force India.
The Supreme Court will on Tuesday deliver its verdict on Sahara Chief Subrata Roy's petition challenging its decision to send him to jail for not complying with its order to deposit around Rs. 20,000 crore (Rs 200 billion) of investors money with SEBI.
Pune Warriors India are disappointed at being axed from the IPL but expressed hope that it would not be the end of the road as far as their relationship with the BCCI is concerned.
Roy was jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog.
Sahara told the court it was working on new deals to raise funds.
A bench of justices K S Radhakrishnan and J S Khehar considered the application of the group seeking modification in the order in chamber.
The contract of Indian Premier League (IPL) franchise Sahara Pune Warriors has reportedly been terminated by the Board of Control for Cricket in India (BCCI) for their failure to pay a bank guarantee of Rs. 174 crores.
Former head of McKinsey & Co,c, is not alone in writing a book on his life after serving a prison term.
Force India finished sixth in 2014 but spent much of last season calling for cost cuts.
Rahul dubbed PM as a 'super event planner', who had made 'perfect planning' to take the money from the poor to help the rich who owe as much as Rs 8 lakh crore to the banks.
The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
Subrata Roy is in jail since March last year.
The judges said the group can sell 13 out of the 15 properties mentioned in one of the lists to deposit the amount.
Holding that it was playing "hide and seek" and cannot be trusted any more, the Supreme Court on Monday directed the Sahara group to hand over title deeds of its properties worth Rs 20,000 crore (Rs 200 billion) to SEBI warning that failure to comply would mean Subrata Roy cannot leave India.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
The money is being refunded only in those cases where Sebi has not found any multiplicity during its verification process.
RBI has sought to stop one of its firms from disposing off assets.
The Sahara group's problems continue, with rating agency CARE cutting its 'BBB' ranking for Sahara Hospitality Ltd's (SHL) long-term bank facility to 'BBB-', due to sub-optimal financial and operational performance.
Overbooking by an airline cannot be done ignoring the sense of duty or liability towards passengers with confirmed tickets, the national commission ruled.
Meanwhile, RBI Governor Raghuram Rajan said at the meeting that the central bank brass discussed strengthening the state- level coordination committees so that unauthorised deposit taking can be dealt with in a better way.
Roy, who has been in jail for over five months, said that he cannot reveal the name of the party and the bank, saying that their confidentiality has to be protected till the deal is signed.
Suspicions have swirled for years that many of Sahara's millions of investors are fictitious names
The Supreme Court on Thursday warned the Sahara Group to reveal source of Rs 22,885 crore (Rs 228.85 billion) which it claimed to have refunded its investors or be ready to face inquiry by CBI and Registrar of Companies.
British-based Force India, who have Mexican Sergio Perez and Germany's Nico Hulkenberg confirmed as drivers for 2016 and use Mercedes engines, contract out much of their chassis work to keep costs down.
A bench of Justice G S Singhvi and K S Radhakrishnan also issued notice to Roy and his two employees, who were working with his news channel, seeking their response on why probe be not initiated against them.
As many as 3,268 title deeds in Sebi's possession would undergo scrutiny and be prepared for sale.
'A law firm checked credentials of Karan Ajit Judge and Nouam'
"My judicial custody in Tihar jail and being confined to a prison cell with just the basic amenities definitely came as a rude shock."
The Chief Justice said that some people play with the dignity of the court and there were some lawyers who are disrespectful towards the court.
Sebi says Sahara investors refunded over Rs 42 cr.
After selling land in Gurgaon for Rs 1,211 crore recently, the Sahara group is believed to have finalised two more realty deals, one in Mumbai and another in Jodhpur, for Rs 1,250 crore.
To locate genuine investors who may have deposited money with Sahara, the regulator also wants to issue public notices in regional language newspapers.
The group also said that Rs 20,000 crore was being demanded from it as 'security' because the Supreme Court has said that 'after verification of Sebi, if there are partially or fully fictitious accounts then that amount will go to government account'.
The court, however, reserved its order on a fresh plea of Roy seeking modification of an earlier order by which he was asked to pay Rs 5,000 in cash besides a bank guarantee of an equivalent amount.
Force India co-owner Vijay Mallya has rejected speculation about his Formula One team's finances, saying they will be racing for years to come.
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