Sahara

SC directs Sahara to deposit Rs 1,000 cr, allows JV to develop Mumbai land

The Supreme Court on Thursday directed Sahara Group to deposit Rs 1,000 crore in a separate escrow account within 15 days and allowed it to enter into a joint venture for developing its land at Versova in Mumbai to realise Rs 10,000 crore. 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. A bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi said in case the joint venture/development agreement is not filed in the court within 15 days, then it will sell the 12.15 million square feet of land at Versova on 'as is where is' basis. "We grant 15 days' time to SIRECL and SHICL (both Sahara Group companies) to comply with the statement made in court today. In case the joint venture/development agreement is not filed within 15 days, it will be open for this court to undertake sale of the Versova land on as is where is basis," it said. The bench added, "The Rs 1,000 .

Gave enough chances to repay Rs 10K crore dues: Supreme Court to Sahara

The court said it has received information that the capital markets regulator currently has Rs 15,000-odd crore in the SEBI-Sahara Fund

250,000 investors in Sahara cooperatives got refund worth Rs 241 cr: Shah

Cooperation Minister Amit Shah on Wednesday said Rs 241 crore have been returned to about 2.5 lakh small investors who had deposited funds in four cooperative societies linked to the Sahara Group of companies. In March last year, the Supreme Court directed transferring Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS). In July, Ministry of Cooperation launched a portal for submission of legitimate claims by depositors in the four cooperative societies -- Sahara Credit Cooperative Society, Saharayn Universal Multipurpose Society, Humara India Credit Cooperative Society, and Stars Multipurpose Cooperative Society. The 'CRCS-Sahara Refund Portal' was launched with the objective of helping around four crore small-time investors whose funds are struck in the four cooperative societies. Addressing a gathering after inaugurating the new office of CRCS spread over 41,000 square feet at the World Trade Centre here, Shah said the ministry

Sebi's refund to Sahara investors reach to Rs 138.07 cr in 11 yrs

Sebi has made refunds of Rs 138.07 crore to investors of two Sahara companies in 11 years, while the amount deposited in specially-opened bank accounts for the repayment has surged to more than Rs 25,000 crore. These disclosures have been made by the Securities and Exchange Board of India (Sebi) in its latest annual report. In the absence of claims from a majority of the bondholders of the two Sahara companies, which were asked to return the money to nearly 3 crore investors along with interest in August 2012 through a Supreme Court order, the total amount refunded by Sebi inched up by just about Rs 7 lakh during the last fiscal, 2022-23, while the balance in Sebi-Sahara refund accounts rose by Rs 1,087 crore during the year. In its annual report, Sebi said it received 19,650 applications involving 53,687 accounts as on March 31, 2023. Of these, "refunds have been made with respect to 17,526 applications involving 48,326 accounts for an aggregate amount of Rs 138.07 crore including

Shah releases Rs 10k each to 112 investors stuck in Sahara's 4 cooperatives

Cooperation Minister Amit Shah on Friday started the process of returning hard earned money of crores of depositors of four cooperatives of Sahara Group by transferring the first tranche of Rs 10,000 each to 112 small investors. Shah said so far 18 lakh depositors have registered on the 'CRCS-Sahara Refund Portal', which was launched on July 18. "So far, 18 lakh investors have registered on the portal. ...Today, about Rs 10,000 each has been transferred into the bank account of 112 investors," he said after releasing the amount. Shah said the next tranche of funds will be transferred soon as the audit has been completed. "I want to assure and I am fully confident that all depositors will get their funds in the coming days," he said, congratulating the depositors. Shah further said many times such incidents happen that shake the trust in cooperation. However, it is responsibility of the government to ensure that investors' money is safe and returned to them. Sahara depositors were

Shah says 500,000 Sahara investors have registered on refund portal

Within days of launching the portal for refund of deposits in Sahara Group's cooperative societies, Cooperation Minister Amit Shah on Friday said that five lakh investors have registered on the platform and the process of returning their money has begun. On July 18, the 'CRCS-Sahara Refund Portal' was launched to facilitate return the monies of investors stuck in four cooperative societies of Sahara Group. Earlier, the government said money will be returned to 10 crore investors of the four cooperative societies within 9 months. The announcement followed a Supreme Court order directing the transfer of Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS). Addressing the National Mega Conclave on the launching of Common Services Centre (CSC) services by Primary Agricultural Credit Societies (PACS) here, Shah said till now 5 lakh people have registered in the portal and the process of refunding the money to the genuine depositors has

Sahara investors to get back their money with interest: Amit Shah

Union Home Minister Amit Shah on Thursday said 10 crore investors whose money was stuck in the four cooperative societies run by the Sahara group will get back their money with interest. The process to return their investments with interest will be initiated in three-four months, Shah said. Making the announcement at an event organised by the Uttarakhand cooperative department at Rishikul ground here, Shah said the Supreme Court has issued orders to return the money of investors who had invested in Sahara group cooperative societies. The Ministry of Cooperation had been pursuing the matter consistently, Shah said. With the Supreme Court order in the favour of investors, those who had invested in the four cooperative societies of the Sahara group should send their claims to the central registrar of cooperative societies, he said.

SC sets aside Patna HC order summoning Sahara group chief Subrata Roy

The High Court (HC) had asked Sahara to convey a plan for refunding the matured deposits of investors

SC stays HC order directing Bihar DGP to produce Sahara chief before it

Supreme Court stayed Patna High Court order directing DGP, Bihar, to produce Sahara Group chief Subrata Roy before it on May 16 in a matter

Court summons Netflix and its officials in a criminal case filed by Sahara

Court of Special Chief Judicial Magistrate, Lucknow issued summons to Netflix India Director Abhishek Nag, documentary director Nick Read, and Netflix Producer Reva Sharma, directing their appeara

Sebi's refund to Sahara investors inches up to Rs 129 crore in 9 years

The amount deposited in specially-opened bank accounts for the repayment purpose has swelled to over Rs 23,000 crore

Will open a consulate in disputed Western Sahara, process has begun: US

The State Department has said the United States will open a consulate in Western Sahara following President Donald Trump's decision to recognise Morocco's sovereignty over the disputed region

Sahara: Registrar of cooperatives seeks SFIO probe; Group refutes charges

Alleging irregularities, the Central Registrar of Cooperative Societies has sought a probe by the SFIO into investments made by four cooperatives associated with the Sahara group

Subrata Roy's Sahara enters automobile sector; to offer wide range of EVs

The cost of driving Sahara Evols Electric Vehicles in an average can go as low as 20 paise per kilometer against the cost of Rs 2 per kilometer on petrol vehicles

SC directs Sahara chief Subrata Roy to appear before it on Feb 28

A bench headed by Chief Justice Ranjan Gogoi noted that the group has deposited only Rs 15,000 crore

Airports Authority threatens to seize Sahara's hotel outside Mumbai airport

AAI slapped a notice terminating the 2002 lease agreement and warning of the consequences for alleged failure on the part of Sahara Hospitality Ltd (SHL) to pay up the outstanding lease dues

Sahara to challenge Irdai order

Sahara alleged that insurance regulator has 'wrongly concluded' that it was no more 'fit and proper'

Sahara extends bid deadline for 30 properties as Tata, Adani seek time

Properties are estimated to be worth about Rs 7,400 crore for Sahara. Deadline extended to May 20

Sahara's Aamby Valley up for sale: Read details of who owns how much

Who owns Aamby Valley?

We submitted all documents, say Sahara cooperatives

SUMSL was asked to give copies of brochures and other promotional documents