 "Scam 2010")
The Sahara Group has slammed the upcoming web series titled ‘Scam 2010 - The Subrata Roy Saga’, denouncing it as an “abusive and grossly condemnable act”. The group also said that it is contemplating “suitable legal action” against the creators of the show.
This latest series, described as a “dust-to-diamonds story of maverick businessman Subrata Roy”, marks the third chapter in filmmaker Hansal Mehta’s ‘Scam’ series for the streaming platform Sony LIV, following the success of ‘Scam 1992: The Harshad Mehta Story’ and ‘Scam 2003: The Telgi Story’.
Director Hansal Mehta announced the series’ development on Thursday.
In a statement, Sahara India expressed its discontent, stating that the “aggrieved members” are exploring legal recourse against the producer, director, and all involved parties involved in the show’s production.
“An abusive and grossly condemnable act has been demonstrated by the makers of ‘Scam’ to achieve cheap and wide publicity, by announcing to unveil, ‘Scam 2010: The Subrata Roy Saga’,” Sahara Group said in its statement.
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“Sahara India Pariwar condemns such acts of all the individuals and parties involved and shall resist their offending behaviour. In this regard, the aggrieved members are seeking advice to take suitable legal action against the producer, director and all those who are involved in making the illegal portrayal,” the statement said.
Cautions and counterarguments
Furthermore, Sahara underscored that the ongoing dispute between the Securities and Exchange Board of India (Sebi) and the company remains pending before the Supreme Court of India. It cautioned against any attempt to influence the proceedings, warning that such actions could be deemed contempt of court and potentially criminal.
The group clarified that Sahara India Pariwar has never engaged in any chit fund activity. It also emphasised that the Sahara-Sebi issue revolves around a dispute over Sebi’s jurisdiction concerning certain bonds issued by the conglomerate.
The series, based on the book ‘Sahara: The Untold Story by Tamal Bandyopadhyay’, is set to be produced by Applause Entertainment in collaboration with Studio Next, under the direction of Hansal Mehta.
According to the production team, ‘Scam 2010’ will delve into one of India’s most storied financial scandals.
“In the early 2000s, Roy was caught in a whirlwind of accusations ranging from chit-fund manipulations to fake investors, ultimately leading to his arrest in 2014. With approximately Rs 25,000 crore still lying unclaimed with government authorities, the repercussions of the scam continue to reverberate even today,” the production team stated in a press release.
Sahara Group, on the other hand, maintained that, under the guise of freedom of speech and expression, no one should be allowed to tarnish the reputation of an individual who cannot defend themselves.
The group further criticised the use of the word ‘scam’ in the series title.
“The use of the word ‘scam’ in the title of the so-called web-series and linking it to Sahara seems prima-facie defamatory, and tends to lower down the image and reputation of Saharasri Ji and Sahara India Pariwar,” said the group.
Revisiting the ‘Sahara scam’
Subrata Roy, who passed away in November 2023 at the age of 75 after battling a prolonged illness, faced numerous regulatory and legal challenges in connection with his group firms, accused of circumventing regulations through ponzi schemes, allegations consistently refuted by his conglomerate.
In 2011, Sebi directed two Sahara Group firms — Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) — to refund funds raised from nearly 30 million investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs).
The order came after the regulator ruled that the funds were raised by the two firms in breach of its rules and regulations.
After a lengthy process of appeals and cross-appeals, the Supreme Court of India affirmed Sebi’s orders on August 31, 2012, directing the two firms to repay the money collected from investors with 15 per cent interest.
Sahara was eventually asked to deposit an estimated Rs 24,000 crore with Sebi for future refunds to investors, despite the fact that the group claimed to have returned more than 95 per cent of investors directly.
