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.
Subrata Roy has been in a Delhi jail since March 4 after failing to appear at a contempt hearing in his group's legal battle with the Securities and Exchange Board of India over the company's failure to repay investors who bought the outlawed bonds.
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.
A 'communication dated May 6, 2014 received from Justice J S Khehar was placed before the Chief Justice of India on May 7.
Sebi wants SC to initiate contemp proceeding against Subrata Roy for not complying it the regulator's orders.
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.
Two deals are all it took the Sahara Group to let the global hospitality industry know it meant business.
The journalist-turned author will be available for a live chat on rediff.com on Friday, June 6, 3 pm.
The bench directed the companies to place before it their 2010-11 balance sheets and statements of accounts for November 2011 by January 8, the next date of hearing.
The Bombay High Court on Monday upheld its earlier order which had ruled that Jet Airways was liable to pay the renegotiated amount of Rs 1,450 crore (Rs 14.50 billion) instead of the original determined price of Rs 2,000 crore for the purchase of Sahara Airlines (now Jetlite) in 2007.
Air Sahara has introduced new direct and connecting flights from Mumbai, Delhi and Lucknow to various destinations across India.
The bench said it is evident that there was a difficulty for the group to sell its properties to arrange Rs 36,000 crore
The Supreme Court on Wednesday dismissed Sahara group's plea for review of its verdict directing its two firms to refund around Rs 24,000 crore to their investors with 15 percent interest per annum.
Air Sahara is believed to be in the process of signing a deal with Boeing for acquiring new aircraft, even as negotiations are on by mediators to resolve the Jet-Sahara dispute
They have snapped ties with cricket but the Sahara Group has renewed its association with Indian hockey signing a five-year sponsorship deal with Hockey India.
Subsequent to a failed acquisition deal, Air Sahara, on Friday, filed a Rs 3,020 crore (Rs 30.2 billion) claim against Jet Airways for non-completion of the agreement.
Looking to raise funds to ensure release of its chief Subrata Roy from jail, Sahara has sold a big land parcel at the outskirts of the national capital for Rs 1,211 crore to Gurgaon-based developer M3M India Ltd.
Jet Airways, caught in a legal battle with Air Sahara over the collapsed Rs 2,300 crore (Rs 23 billion) takeover deal, has claimed that its smaller rival was bound to return Rs 500 crore paid as advance within a week of termination of the pact.
The companies have been collecting money through different schemes from investors which has been estimated at several millions.
Malaika had an extraplanetary glow about her.
In March, the Registrar of Companies, Uttar Pradesh and Uttarakhand, based in Kanpur, sent a notice to Sahara India Real Estate Corp for using a third party's bank accounts to receive funds from investors.
A special IAF plane carrying Vajpayee landed at the Amausi airport in Lucknow at 1850 IST.
Indian hockey has been rocked by yet another controversy. The team's main sponsor, Sahara India Pariwar, has threatened to take the game's administrators, the Indian Olympic Association-appointed ad-hoc committee, to court for not using the company logo on the national team's outfit.
More properties are expected to go under the hammer in the coming days.
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.
The first demand draft of Rs 5,120 crore to be paid immediately.
Following a go-ahead from the Court, the two entities have put in place a mechanism to auction these properties.
Sahara group, whose legal battle with Sebi continues in Supreme Court over refund of over Rs 20,000 crore (Rs 200 billion) to investors, has made a surprise announcement of plans being afoot to hire over 56,000 new employees this year along with investments to the tune of nearly Rs 32,400 crore (Rs 324 billion).
There is fear amongst various lobbies with Jet Airways having taken over Air Sahara.
The deal, struck by group firm Aamby Valley for 470 million pounds (about Rs 3,300 crore), makes it one of the largest acquisitions in the hospitality space by an Indian company.
Meanwhile, efforts are being made to tow the aircraft to a remote bay and once that is accomplished, the airlines may take it to some place where the aircraft could be serviced, the sources said.
The Tribunal will hold on Saturday its 'preliminary hearing' of four petitions in this matter related to the high-profile case involving a refund of over Rs 24,000 crore (Rs 240 billion) raised through 'various illegalities' by two Sahara companies.
Acquiring Air Sahara will give Jet Airways the scale required to dominate the lucrative routes to West Asia and the United Kingdom.
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