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.
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.
Sahara Computers and Electronics Ltd has introduced various IT products, including desktop PCs with a price tag of Rs 9,999 to Rs 50,000 in domestic market.
Sahara India plans to organise a ten-day Bollywood film festival in the United Kingdom and the United States from August 31 as a prelude to spreading its business empire globally.
Rono J Dutta, former chief of the world's biggest carrier United Airlines, has taken over as president of Air Sahara in place of Uttam Kumar Bose.
Telecom major Airtel has decided against renewing the title sponsorship contract with the BCCI for India's international matches at home leading to the Board calling a marketing committee meeting in Mumbai, on Thursday.
The Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.
The Indian hockey captain said it will only benefit the game in the country.
The apex court had also asked Sahara Group to provide it within two weeks the list of "unencumbered properties" which can be put for public auction to realise the remaining over Rs 14,000 crore
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?
Sahara made an overseas direct investment against RBI rules.
The Rs 32,000 crore (Rs 320 billion) Sahara India group will launch its national Hindi news channel and six of its planned 31 city-centric satellite news channels across the country on March 28.
Sahara India on Thursday unveiled an ambitious housing scheme that envisages building 675,000 houses in 202 cities at an estimated cost of Rs 83,000 crore.
Sahara India needs to pay back $5.3 billion, raised from millions of small investors through the sale of bonds ruled by the Supreme Court to be illegal, before founder Subrata Roy can be released.
As per some media reports, Hockey India has informed the International Hockey Federation (FIH) that there will be no HIL in 2018 because of financial concerns related to some franchises.
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.
At the reserve price, these auctions will take the total fund raising to at least Rs 3,100 crore (Rs 31 billion).
The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
After a bitter split with sponsors Sahara, the BCCI on Saturday invited tenders for the sponsorship rights of the Indian team for all the Board, ICC and Asian Cricket Council events from January 2014 to March 2017.
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.
RBI has sought to stop one of its firms from disposing off assets.
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.
After investing in motorsports and football, Indian cricket team captain Mahendra Singh Dhoni has now lent his support to Indian hockey after buying the Ranchi franchise of the Hockey India League (HIL).
The success of the auction may not be more than a little step in Pearls Agrotech Corp's recovery process of over a Rs 49,100 crore plus interest
This lawsuit will have no bearing on its fund-raising exercise as a deal is already in final stages
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