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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”.
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The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator's account came back into focus after Roy's demise.
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Sahara Group founder Subrata Roy wrote that during his time in Tihar jail, thoughts like ‘Why me?’, ‘What have I done wrong to deserve this?’ often raced through his mind.
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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.
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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
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Subrata Roy died on November 14 due to cardiorespiratory arrest. He was 75. On social media, tributes poured in for the founder of Sahara Group.
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The banks have been directed to restrict all debit transactions from the accounts. However, credit transactions, if any, are to be permitted.
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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.
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The orders were passed by the high court while hearing the anticipatory bail application of another person.
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The court also revived the lookout circulars that were issued by the agency against Subrata Roy and other persons.
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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.
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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.
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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.
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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.
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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.
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Three episodes of Bad Boy Billionaires: India based on Vijay Mallya, Nirav Modi and Subrata Roy are available for streaming.
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A bench headed by Chief Justice S A Bobde however granted liberty to Netflix to approach the Patna High Court against the order passed by a lower court at Araria, Bihar.
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Netflix is scheduled to release Bad Boy Billionaires in India on September 2, which it describes as an "investigative docuseries"
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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.
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A bench, comprising Chief Justice S A Bobde and Justices B R Gavai and Surya Kant Friday, took note of the plea of senior advocate Vikas Singh, appearing for Roy, and granted them exemption from personal appearance.
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SEBI alleges that the company attempts to disrupt auction proceedings of their Pune based property, Aamby Valley.
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Sahara holds 85 per cent in New York's Dream Downtown hotel and 70 per cent in the Plaza.
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In a public notice today, the Securities and Exchange Board of India said that SBI Capital Markets has been mandated to e-auction a 82.93 acres of land located in village - Bahadarabad and Ranipur in Haridwar, Uttarakhand.
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They had no approval for 'Red Herring Prospectus' from SEBI, and didn't list OFCDs on the stock exchange, she said.
