Sahara group founder Subrata Roy served up a unique cocktail of nationalism and spirituality, even as the group ran pyramid schemes. Sahara was a “parivaar”—a gigantic family with Roy as the benign patriarch, the “managing worker”.
From being forcefully summoned to the court to being sent to Tihar jail for a contempt case, the Sahara Group chief faced the heat of the apex court on many occasions
‘Life Mantras’ – An exhaustive and thought-provoking treatise by Shri Subrata Roy Sahara, Managing Worker & Chairman, ...
With fund raising plans contingent on the apex court and market regulator Sebi‘s nod, the group is watching with abated breadth for Tuesday's hearing.
Sahara MF announces resignation of Subrata Roy Sahara, with effect from September 03, 2014.
This is the second such plea the counsel is making in front of the apex court, while it has earlier ordered that further pleas would not be entertained.
The Sahara group's lawyers failed to get any immediate relief with a bench headed by Chief Justice P Sathasivam referring the matter through a habeas corpus petition to a two-member bench of justices K S Radhakrishnan and J S Khehar, which would hear it tomorrow afternoon.
The lawyers, as sources say, will first submit legal proposals to SC for investors‘ repayment and will then seek to release Sahara supremo Subrata Roy who is currently in judicial custody.
Not only did the court today refuse to permit Subrata Roy Sahara from traveling abroad, it also directed him and his group of companies to explain how they managed to refund Rs 20,000 crore to Optionally Fully Convertible Debentures (OFCD) investors and what was the source of the fund.
Sahara group today appraoched the Supreme Court seeking postponement of the scheduled hearing on April 22 on SEBI's plea seeking its permission to detain Sahara Group's chairman Subrata Roy Sahara.
Accusing Sebi of being "vindictive and malicious", the Sahara group today said the market regulator should have placed its order before the Supreme Court instead of making it public.
Woes of Sahara-owned companies appear to be multiplying. The Securities and Exchange Board of India (SEBI) has asked Sahara companies to refund money raised via optionally fully convertible debentures (OFCDs).