According to media reports, the estimated costs of these weddings start from Rs 100 crore and go up to Rs 700 crore
The cooperation ministry has also launched a portal where investors can make an application to get their money stuck in societies
The funds are expected to be used for pro-poor programmes or public welfare, the report stated
At its peak, Sahara Parivar claimed a payroll strength of over 1.2 million workers, next only to the Indian Railways
Case is against group or entities and not against one individual, says market regulator after death of Subrata Roy
What are the implications of extending PMGKAY? What led to the rise and fall of Sahara's Subrata Roy? How will the IPO market shape up in new Samvat? What is PMPVTG Development Mission? Answers here
People from all walks of life condoled his death, with many including UP Chief Minister Yogi Adityanath paying tribute on social media
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
The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied. In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs). This order came after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations. After a long process of appeals and cross-appeals, the Supreme Court on August 31
According to the company statement, he was admitted to the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health deteriorated
Sebi on Wednesday ordered the attachment of bank and demat accounts of Sahara Group chief Subrata Roy and three others to recover Rs 6.48 crore for violating regulatory norms by two group companies. The recovery proceedings have been initiated against these four persons for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs) by two group companies. Apart from Sahara, others whose bank and demat accounts were attached are Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bharrgava. The recovery proceedings have been initiated against these four persons to recover Rs 6.48 crore, which includes all costs, interests, charges and expenses etc, the Securities and Exchange Board of India (Sebi) said in the attachment order. In its notice, Sebi has directed all banks to attach all accounts, including lockers, of these four persons. All banks, depositories and mutual funds have been directed not to allow any debit from accounts of these four pers
The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi)
The High Court (HC) had asked Sahara to convey a plan for refunding the matured deposits of investors
The Supreme Court on Thursday set aside the Patna High Court orders in an anticipatory bail case including the one directing Sahara Group chief Subrata Roy to appear before it
A bench of Justices A M Khanwilkar, J B Pardiwala passed the order while taking into account the request made by the Bihar government's counsel who said state needed time to file a counter-affidavit
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
The Patna High Court on Friday issued an arrest warrant against Sahara India chairman Subrata Roy after he failed to appear before it despite repeated summons
The case was registered at Kakadeo police station on Sunday
Sahara group Chairman Subrata Roy Sahara has tested positive for coronavirus