Air Sahra on Thursday filed a caveat at the Lucknow Bench of the Allahabad high court pleading that the company should be heard before any order is passed in the ongoing dispute over the transfer of management control to Jet Airways.
In the first week of January, the two Sahara companies-- Sahara India Real Estate Corp and Sahara Housing Investment Corp -- moved the Supreme Court saying the money deposited with Sebi -- Rs 5,120 crore (Rs 51.2 billion) -- was more than adequate to meet payments to investors and the matter was to come up for hearing next week, the counsel said.
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 Supreme Court on Friday asked Sahara and SEBI to formulate mechanism for securing payment of around Rs 19,000 crore (Rs 190 billion) of investors' money after the Subrata Roy-led group agreed to pledge it's immovable property as security but the market regulator questioned the sale deed and worth of the properties.
Sebi says Sahara investors refunded over Rs 42 cr.
Author Tamal Bandyopadhyay talked about his book Sahara: The Untold Story during a Rediff chat on Friday.
Sahara told the court it was working on new deals to raise funds.
An extract from Tamal Bandyopadhyay's book shows that wrangling with regulators is nothing new for the Sahara group. In the 1990s, too, it had run into the income-tax department and had used similar tactics as it is using against Sebi today to deflect the investigation into its affairs.
An extract from Tamal Bandyopadhyay's book shows that wrangling with regulators is nothing new for the Sahara group. In the 1990s, too, it had run into the income-tax department and had used similar tactics as it is using against Sebi today to deflect the investigation into its affairs.
Shares of Sahara Housingfina Corporation on Monday fell 4.39 per cent on the BSE after Sahara chief Subrata Roy was arrested by the Lucknow police.
The Sahara case reveals that, in today's environment, court intervention is what makes a major difference.
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.
Sebi says it will directly transfer the refund money to the bank accounts of genuine investors.
Jet Airways' $500-million deal to takeover Air Sahara got a boost on Monday with the home ministry giving security clearance to four Jet officials to be on the board of Air Sahara.
The company will get title rights and branding opportunities at major FIH tournaments including the men's and women's World Cup in 2006.
Company has submitted before the court that the plaintiff is attempting to attach property that falls outside of the jurisdiction of the court
Suitors came with all-cash offers but were rebuffed
The Tribunal adjourned till Monday this matter, which was listed for 'admission' this morning.
Reports said that the two hotels can fetch up to $1 billion.
Each member of the Afro-Asian Games gold medal-winning squad was presented a cheque of Rs 150,000.
Oriental Insurance Company Ltd hopes to bag the Air Sahara insurance business after its merger with Jet Airways.
The transactions between entities of Sahara Group show loopholes in regulation that can be exploited to fool investors and launder money.
To locate genuine investors who may have deposited money with Sahara, the regulator also wants to issue public notices in regional language newspapers.
Income tax department has begun a survey in a few state offices of Sahara group's para banking operations to get details on depositors.
Ruling out the sale of Sahara TV following the takeover of its airline business by rival Jet Airways, a top Sahara group official on Tuesday said the company's entertainment wing was looking forward to expanding operations, with the launch of a new H
Force India has been re-named Sahara Force India after the Sahara Group bought stake in the Vijay Mallya-owned Formula One team. As per the agreement between the parties, Sahara Group and Mallya's UB Group will have 42.5 percent stake each in the team.
The criminal case was registered by the Mumbai zonal office of the agency after it got reports in this regard from the Sebi.
The bench asked the official liquidator, attached with the Bombay high court, to auction Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it
An investment vehicle lining up a $2 billion package to help bail the boss of India's troubled Sahara out of jail said it expects to ultimately take control of landmark hotel assets like New York's Plaza after the conglomerate fails to repay lenders.
Team India sponsorship will not be affected due to the takeover of the Sahara airline by competitor Jet Airways
The Sahara India Group on Wednesday renewed its ties with Indian hockey by signing a five-year deal to sponsor the national men's and women's teams.
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