The amount of Rs 10,000 crore has to be deposited in SEBI-Sahara refund account for returning the investors' money, in compliance with the apex court's 2012 order.
Senior advocate Kapil Sibal, appearing for the Sahara Group, said the company was not given opportunity to sell its properties and moreover no one came forward or is coming forward to purchase the properties as there was embargo on selling them.
New Delhi, May 18 Sahara Group has criticised the upcoming series titled "Scam 2010 - The Subrata Roy Saga", calling it an "abusive and grossly cond..
When he was at the zenith of his power, Roy was surrounded by top industrialists, film stars, sportspersons and corporate captains. That ended when he was sent to Tihar jail, a stint that almost broke him.
Subrata Roy made a promising start as a high flying business magnate only to lose his way, descending into irrational excesses and breaking the trust of small investors wooed by the promise of exponential returns. Once the garden variety scam was exposed, all his attempts to raise funds and salvage his ventures floundered
Sahara India Refund Portal: The SC in a March 29 order had directed the transfer of Rs 5,000 crore from the "Sahara-SEBI Refund Account" to CRCS in relief for genuine depositors linked to the Sahara Group of Cooperative Societies.
To address the grievances of genuine members/ depositors of the Sahara Group’s cooperative societies, the ministry filed an application in the Supreme Court.
In its notice, Sebi asked all banks, depositories and mutual funds not to allow any debit from accounts of Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. However, credits have been permitted.
The orders were passed by the high court while hearing the anticipatory bail application of another person.
The court also revived the lookout circulars that were issued by the agency against Subrata Roy and other persons.
New Delhi, May 17 The Supreme Court on Tuesday agreed to consider listing for hearing corporate fraud investigating agency SFIO's plea challenging a..
The surgery was performed on January 6, after Subrata Roy was diagnosed with a neurological disease, according to a statement that the group issued on Monday.
The fund will be kept by market regulator Sebi in an escrow account. Following the deposit of the amount, the attachment order against the company and its directors would be lifted, SAT said in an order.
Filing the case, the complainant alleged that the accused prepared and released the said documentary series on Netflix on October 5, 2020 in most defamatory manner to tarnish image of Sahara and its chief.
The issue is how to proceed with the insolvency case against Baghauli Sugar and Distillery when the Supreme Court had restrained the parent Sahara Group from disposing of any property
Amidst the rising number of COVID-19 cases, Subrata Roy has appealed to everyone that the priority should be to "stay safe and take care of people around us", according to a release.
SEBI had moved the apex court seeking direction to the firms to pay the amount of over Rs 62,602 crore in compliance with the court's earlier orders, failing which the group's chief Subrata Roy be taken into custody.
The market regulator wants the contemnors to be taken into custody if they fail to return the amount to the bondholders.
The group said there has been some delay in payments, primarily due to an embargo imposed for last eight years by the Supreme Court, while approximately Rs 22,000 crore of its funds, including interest amount, are deposited in the Sahara-Sebi account, which was created to refund bondholders of two group firms.
The documentary is technically misguided, when it uses words like Chit Fund, against legally founded businesses of Saharas, commenced within regulatory/ legal framework, Sahara Group said in a statement
Roy has also assured all Sahara investors that they would get their invested amount with full interest and an additional interest would be paid even for a day's delay.
The refund has been made from a special account created by SEBI, to which Sahara was asked to deposit the money even as the group has maintained that it had directly refunded more than 95 percent of investors.
A bench headed by Chief Justice Ranjan Gogoi noted that the group has deposited only Rs 15,000 crore.
The bench was informed that the group has failed to deposit the money.
The report in the New York Times said that Shahal Khan, founder of the Dubai-based family office White City Ventures, and Kamran Hakim of the Hakim Organization, a major New York City landlord, have reached a deal to buy a majority share of the Plaza Hotel for USD 600 million.
