Supreme Court Halts Proceedings On Saharas’ Pleas

After hearing the request of the Securities and Exchange Board of India; the Supreme Court has asked SAT and Allahabad HC to halt all proceedings on the pleas filed by Sahara firms.

The Supreme Court, after hearing the request filed by Securities and Exchange Board of India, halted Allahabad High Court and the Securities Appellate Tribunal from hearing all the pleas filed by SHIC, SIREC and Subrata Roy. Continue reading

Sahara Grabs another Piece of Bangalore Land for Rs.149 Cr

With the plan to construct a commercial and hotel project in Bangalore, Sahara has bought a plot here at a price of Rs.149 Cr.

BANGALORE: Even when the group is stepping on hot live-coals spread by the Securities and Exchange Board of India, and the order of Supreme Court, Sahara has no change, no fear. Continue reading

SEBI asks for SC hearing on all Sahara Cases

Securities and Exchange Board of India- SEBI, in a new petition requested Supreme Court to hear all cases against the Sahara firms and its chief.

Filing a new petition, Securities and Exchange Board of India– SEBI asked the Supreme Court to hear all the cases against the two Sahara Firms and its chief. Continue reading

Sahara Firms, Roy asked to reply SEBI within a week

The Supreme Court on Monday asked Subrata Roy Sahara and two Sahara firms to reply to the contempt petition filed by SEBI.

On Monday, Supreme Court gave one week time to both Sahara firms and Subrata Roy for replying to the contempt petition filed by Securities and Exchange Board of India. Continue reading

Subrata Roy Sahara Faces SEBI Questioning

Subrata Roy Sahara was questioned by the Securities and Exchange Board of India on Wednesday. SEBI questioned three other directors of the Sahara group.
Subrata Roy Sahara was questioned by SEBI.

Subrata Roy Sahara was questioned by SEBI.

MUMBAI: On last Wednesday, the Securities Exchange Board of India questioned Subrata Roy Sahara and three other directors. Though the main thrust of the questioning was to find out the details of Sahara assets, no information is out yet.

Sahara chief and the other directors have presented the details of their personal assets. A Sahara Group press statement which was released after the SEBI questioning said that Subrata Roy Sahara has only Rs.3 Cr worth personal assets.

Earlier the market regulator had warned that they would sell the seized Sahara properties if the Sahara Chief and the directors did not appear in front of them on April 10.

The seized properties include Aamby Valley, a posh project near Pune, and some land parcels in Delhi, Gurgaon and Mumbai.

Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bhargava, the three other directors of Sahara Group, were also questioned. Continue reading

Sahara challenges SEBI, invites for a televised debate

Sahara Group Chairman Subrata Roy invited Securities and Exchange Board of India executives for an open debate. Mr. Roy said that the debate could be a live- telecast.
Sahara challenges SEBI, invites for a televised debate

Sahara challenges SEBI, invites for a televised debate

The dispute between Securities and Exchange Board of India and Sahara Group dates back to 2008. The issue began when two subsidiary firms of Sahara Group sold convertible bonds worth $3 billion. Nearly 30 million small investors bought the bonds.

Both Sahara India Real Estate Corporation and Sahara Housing Investment Corporation were alleged to break the codes of conduct of SEBI. The firms’ sale of convertible bonds was termed illegal.

The market regulator claimed that the sale was against the public interest and their norms. SEBI further called it as an entirely ‘private placement.’

Additionally SEBI found out that many ‘illegalities’ crept into the deal. So the regulator ordered the firms to submit the entire list of the investors. Further they ordered the firms to repay the amount to the investors. Once the Sahara failed to comply with the order, it ordered seizure of its properties. Continue reading

SEBI Warns the Public against Dealings with Sahara

The Securities and Exchange Board of India (SEBI) urged the public not to enter into any dealings with two firms of Sahara Group whose properties are attached by SEBI.
SEBI warns investors against their dealings with Sahara.

SEBI shows ‘danger sign’ to the investors against their dealings with Sahara.

On February 13, the Securities and Exchange Board of India ordered the attachment of all movable and immovable properties of Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd. Along with the attachment of properties of these firms, the properties of their three promoters and directors also were attached by SEBI, the Market Regulator.

SEBI froze the projects of both the Sahara firms as they failed to comply with the Supreme Court order. In 2012 August, SC had ordered these firms to repay over Rs.24000 Cr to the OFCD investors. Additionally the SC had empowered the Market regulator to seize the property of these forms in case if these firms failed to pay the amount within the prescribed time. Continue reading