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.
Lawyers said that assets are being sold and the group is depositing the money with Sebi.
The Tribunal adjourned till Monday this matter, which was listed for 'admission' this morning.
The NBFC was registered on December 1998, with an office in Lucknow.
Sahara group has been engaged in a legal battle with Sebi for long over raising Rs 24,000 crore (Rs 240 billion) from investors.
The deal size could be in excess of Rs 2,000 crore, though this could not be verified. Sivasankaran had invested close to Rs 1,800 crore in 2007 to take a 41 per cent stake in Aamby Valley. The Sahara Group is the majority investor, with a 51 per cent stake.
Sahara had initiated legal action against the US-based firm.
The group also lauded 'Sebi's active cooperation' in the matter.
Sahara Group chief Subrata Roy will not be allowed to leave the country with the Supreme Court today refusing to relax its order restraining him from going abroad till his company furnishes details of refunding Rs 20,000 crore of investors money.
Senior advocate Rajeev Dhawan, appearing for Sahara, sought release of Sahara chief Subrata Roy on the ground of his "deteriorating" health and the fact that market regulator Sebi has already been authorised to sell 66 properties
Sahara Counsel told the court that negotiations were underway for selling Sahara Group's offshore properties for raising sufficient fund for Subrata Roy's bail.
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.
Case in the US relates to an Airbus Corporate Jet
The Sahara Group has sought Supreme Court's permission to sell its shares in the Force India Formula 1 team as part of its effort to raise funds for the release of conglomerate's jailed chief Subrata Roy.
The Supreme Court on Wednesday said that the money likely to be arranged by Sahara Group from overseas to raise Rs 10,000 crore (Rs 100 billion) for the release of its jailed chief Subrato Roy would come into the country only after necessary clearances by RBI.
Force India's 2015 Formula One car will not make its track debut until the third and final pre-season test in Barcelona some two weeks before the first race in Australia, the team said on Friday.
Sahara offers new plan for Subrata Roy's release
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here are around 495,000 multi-millionaires worldwide (as on June 2014).
'The entire explanation of the episode is difficult to digest.'
SC wanted to know how it encashed securities deposited with RBI.
The Allahabad high court on Thursday dismissed the habeas corpus petition claimed to have been filed on behalf of the ailing Sahara group chairman Subrata Roy
Market regulator in talks with SBI Caps, UTI Infra for scrutiny and auction of properties.
The Sahara Group said on Tuesday it would build 50 self-sufficient townships in Uttar Pradesh with modern facilities and amenities at an investment of over Rs 20,000 crore (Rs 200 billion).
Jail officials, group to thrash out finer details to enable late night skype with Los Angeles-based buyers.
Checkout who all made it for the bash.
Goswami had said on Friday that he had proceeded on leave for a brief period as his request to join the Sahara group was yet to be responded to by the state government.
HR head Gaurav Sharma blamed Sebi-imposed restrictions on operating bank accounts for the delay.
The apex court was irked when Sebi claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.
Force India boss Vijay Mallya says his partnership with the Formula 1 team's co-owner Subrata Roy stands strong despite the Sahara Group chief being in jail since March 2014.
Roy and the other two directors of the Group have been in judicial custody since March 4.
Sahara's propensity to issue full-page advertisements indirectly targeting the court's wisdom every time it suffered a setback could have hardly helped its cause.
Roy met 3 potential buyers for an hour amid tight security.
Roy was allowed by the Supreme Court to use the jail's conference room to negotiate sale of his hotels in order to collect Rs 10,000 crore (Rs 100 billion) for his bail.
In the midst of its bloody battles with the Supreme Court and Sebi, Sahara group gets the Calcutta high court to issue a stay order on the publication of the book, Sahara: The Untold Story, by Tamal Bandyopadhyay.
The apex court asked Securities and Exchange Board of India to release title deeds of the property to be sold by Sahara in favour of purchasers for arranging the money.
Of the 10 projects under Sahara City Homes, at least four -- in Ahmedabad (Gujarat), Aurangabad and Pune (Maharashtra) and Bareilly (Uttar Pradesh) -- have either not taken off or are stuck.
The Supreme Court will hear Subrata Roy's plea against his detention on Thursday.
Sahara has asked its employees and associates to reach out to 12 million people and conduct a survey.
The lawyer, who threw black ink at Sahara Group chief Subrata Roy in the Supreme Court premises on Tuesday, was today sent to Tihar jail by a Delhi court after he failed to get a surety for his bail.
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