Sahara Case

Sahara-Sebi refund account may be transferred to govt, says report

The funds are expected to be used for pro-poor programmes or public welfare, the report stated

The shocking story of Sahara

At its peak, Sahara Parivar claimed a payroll strength of over 1.2 million workers, next only to the Indian Railways

From Lambretta to Aamby Valley Project: The rise and fall of Subrata Roy

With Subrata Roy's death, a chapter of financial violations, described by many as one of India's biggest Ponzi schemes, comes to an end

Sebi issues Rs 6.42 cr demand notice to Sahara group in OFCD issuance case

Sebi on Wednesday sent a notice to Sahara Group firm, its chief Subrata Roy and others asking them to pay Rs 6.42 crore within 15 days in a case pertaining to flouting regulatory norms. Sebi also warned of attachment of assets and bank accounts, if they fail to make the payment. The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi). The regulator, in its order in June, levied a fine totalling Rs 6 crore on five entities -- Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation), Subrata Roy, Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bharrgava -- for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs). The case relates to issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-2009. They raised money through public issue of securities by issuing OFCDs without following t

Patna HC asks Sahara chief Subroto Roy to appear before court on Friday

The Patna High Court on Thursday took a tough stand against Sahara India chief Subroto Roy after he did not appear before the court.

Parl panel questions Sebi chief on NSE case, Ruchi Soya's follow on offer

Sebi Chairperson Madhabi Puri Buch on Tuesday appeared before a parliamentary panel and was questioned on the NSE controversy, Sahara case and share offers of Paytm and Ruchi Soya, sources said

Defending Sebi on Saradha scam

The CBI last week searched the residences of three officers of the Sebi in connection with the Saradha Ponzi scheme

Sebi reaffirms earlier ruling in Sahara India Commercial Corporation case

The order relates to SICCL collecting funds to the tune of Rs 14,106 crore between 1998 and 2009 from nearly 20 million investors through bonds

Sebi says Rs 106 cr refunded to more than 13,000 Sahara investors

The refunded amount includes Rs 56.86 crore of principal and Rs 49.24 crore paid as interest for 13,543 refund claims made by bondholders of two Sahara group firms

Sahara sells stake in Grosvenor House, gets 10 days to deposit Rs 710 cr

The Sahara group today told the Supreme Court that it has sold its interests in London's Grosvenor House hotel to GH Equity UK. Sahara counsel Kapil Sibal told the bench of Dipak Misra and Ranjan Gogoi that the sale has been completed and sought permission of the court to transfer funds from the deal to the Sebi-Sahara refund account. While Sibal did not disclose the exact amount of the consideration, he said about 75 million pounds was being brought to India and suggested that the transaction also involved refinancing of funds connected to its interests in the Plaza and Dream Downtown Hotels in New York. According to the court's order in April, Sahara was to deposit Rs 1,500 crore by June 15 and a further Rs 522 crore by July 15. A post-dated cheque for Rs 1,500 crore given by the group was dishonoured. Following this, the group was able to arranged a remittance of Rs 790.18 crore as of Monday. After Sibal cited technical difficulties as the buyer of the London properties insisted ..