SAHARA

  • Delhi Court to hear Income Tax case against Subrata Roy, others on June 1 2 days ago

    New Delhi: A Delhi court on Wednesday fixed June one to hear an Income Tax case in which Sahara Chief Subrata Roy, now lodged in Tihar Jail, and others have been accused of not filing returns for a group company for 2013-14 assessment year. Additional Chief Metropolitan Magistrate Devendra Kumar Sharma...
  • Sebi moves US court with $12 million claim on Sahara jet sale 5 days ago

    New York: In a new twist to the high profile Sebi-Sahara case, the Indian capital markets regulator has approached a US court with a USD 12-million claim on proceeds from sale of a corporate jet owned by a Sahara Group firm. ...
  • Delhi HC stays warrant for Subrata Roy's appearance in IT case 1 week ago

    New Delhi: The Delhi High court on Friday stayed till May the trial court proceedings and the warrant issued by it for the appearance of Sahara Chief Subrata Roy, now lodged in Tihar Jail, in an Income Tax case for allegedly not filing returns for a group company for the...
  • Rescue plan for Sahara in doubt as Spanish bank BBVA denies loan March 25, 2015

    Mumbai: A rescue plan for Sahara was thrown into disarray on Wednesday, when Spanish bank BBVA SA denied offering a credit line to the bank, scuppering the conglomerate's claims it would use it to help secure bail for its jailed boss. Sahara, once one of India's most high-profile firms, told the...
  • India @ 9 with Zakka Jacob March 24, 2015

    Catch the day's top stories with Zakka Jacob on India @ 9. ...
  • News 360: SC axes Section 66A of IT Act, calls it unconstitutional March 24, 2015

    Section 66A of the Information Technology Act has been struck down by the Supreme Court for being "unconstitutional and untenable". The apex court delivered the landmark judgement on Tuesday on a petition filed by Shreya Singhal, who sought amendment in Section 66A of the IT Act. ...
  • Sahara employee commits suicide allegedly due to non payment of salary March 24, 2015

    Lucknow: An employee of Sahara India Pariwar on Tuesday committed suicide by jumping from the office building in Kapoorthala area here, police said. 50-year-old Pradeep Mandal, who was working as Manager in Sahara Credit Cooperative Society Limited, jumped from the eight or ninth floor of the building, Aliganj Police station...
  • Supreme Court gives Sahara 3 months to submit final proposal to raise funds March 23, 2015

    Mumbai: The Supreme Court on Monday gave conglomerate Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy, who has been held in a New Delhi jail for more than a year. Sahara has made several...
  • Mirach to file USD 400 million defamation suit against Sahara March 17, 2015

    New Delhi: US-based Mirach Capital said on Tuesday it is initiating a $ 400 million defamation lawsuit against Subrata Roy-led Sahara group, alleging that the failed financing deal with the Indian conglomerate has caused "irreparable harm" and "shaken investor confidence". Accusing Mirach Capital of cheating and forgery in the failed $2.05...
  • Last chance to Sahara to negotiate deal for Subrato Roy's release: SC March 14, 2015

    New Delhi: Sahara Group on Friday was granted the third and last opportunity by the Supreme Court to negotiate a deal for selling its offshore properties for raising Rs 10,000 crore to ensure the release of its Chief Subrato Roy, who has been in jail for a year for non-refund...
  • Sahara's Grosvenor House hotel in London put up for sale March 4, 2015

    New Delhi/Mumbai: London's landmark Grosvenor House hotel has been put up for sale after its owner, part of troubled Indian conglomerate Sahara which has been trying to raise funds for its jailed boss Subrata Roy, was placed into administration by creditors. Consultant Deloitte said on Tuesday it had been appointed administrator...
  • Sahara defaults on loan taken by Bank of China, prompts legal action March 3, 2015

    New Delhi: In yet another development which will compound trouble for Sahara group, Bank of China may initiate legal action against it for defaulting on a loan, sources said. The sources also said Bank of China had financed Sahara's hotel buys for nearly $900 million. The development takes place even as...
  • Some staff say Sahara has not paid salaries for months February 28, 2015

    Mumbai: Some staff at conglomerate Sahara say they haven't been paid for several months, as the company tries to raise $1.6 billion to bail its boss Subrata Roy out of jail. Reuters interviewed 11 employees independently contacted in separate units in Delhi, Mumbai and Lucknow this week, and found workers at...
  • SEBI cancels Sahara's portfolio management licence February 27, 2015

    Mumbai: The Securities and Exchange Board of India (SEBI) said it has cancelled the portfolio management licence held by Sahara Asset Management Company Pvt Ltd, saying the firm did not comply with its "fit and proper" norms. Financial firms must meet regulators' "fit and proper" criteria to operate in India. The asset...
  • Force India finally confirm new car plans February 26, 2015

    Barcelona: Sahara Force India have confirmed that their 2015 car will make its debut on day two of the final pre-season testing that began here on Thursday. "With the car due to be completed on Friday morning, @NicoHulkenberg is lined up to step in on Friday pm to take the first...
  • Sahara moves Supreme Court for extension of facilities to Subrata Roy in jail by 6 weeks February 17, 2015

    New Delhi: Supreme Court on Tuesday expressed concern over how Sahara Group would raise money to secure its chief Subrata Roy's release, as the group sought extension of facilities inside Tihar jail premises by four to six weeks to enable him negotiate deals with prospective buyers. The apex court expressed concern...
  • SEBI-Sahara row:RBI moves SC to stop SIFCL from selling assets February 13, 2015

    New Delhi: In a fresh turn of events in the Sahara case, RBI on February 13 moved to the Supreme Court seeking to implead itself as a party in the company's tussle with SEBI and sought to stop one of its firms from disposing off assets for securing the release...
  • Sahara to take legal action against Mirach after deal collapse February 13, 2015

    Mumbai: Indian conglomerate Sahara said on Thursday it was taking legal action against US-based Mirach Capital Group after the collapse of talks between the two, intended to raise funds to pay the $1.6 billion bail of Sahara chief Subrata Roy. The talks involved a loan by Mirach secured against some of...
  • Working on another deal to raise funds to secure release of Subrata Roy: Sahara February 12, 2015

    New Delhi: Sahara said on Thursady that they are working on another deal to raise funds to secure the release of their chief Subrata Roy from Tihar jail. This came after the Supreme Court was informed that the proposed transactions for a loan of around US dollar 1,050 million from...
  • Sahara saga: Mirach Capital says 3 hotels can fetch maximum $1.67 billion February 8, 2015

    New York: As the blame-game continues over their floundered deal, US-based Mirach Capital has claimed that Sahara's three overseas hotels can fetch a maximum valuation of $1.67 billion (Rs 10,400 crore). These three iconic hotels -- The Plaza and Dream Downtown in New York and Grosvenor House in London -- were...
  • Sahara saviours deny fraud, say ready to buy company assets February 6, 2015

    Washington: Denying "unfounded" allegations of forgery, the US-based Mirach Capital Group has asserted that it remains "ready, willing and able" to buy Sahara assets, but its loan offer was no longer on the table. The syndicate of five UK and US investors, which had last month made a $2 billion loan...
  • Mysterious turn to Sahara's $2-billion deal, Bank of America denies any role February 6, 2015

    New Delhi: In a curious turn to crisis-ridden Sahara Group's efforts to raise funds to secure bail for its chief Subrata Roy, Bank of America has refuted claims of being a banker to the USD 2-billion funding offered by little known US-based entity Mirach Capital. "We are in no way...
  • Sebi lowers Sahara case expense estimates to Rs 25.88 crore February 1, 2015

    New Delhi: As a prolonged Sebi-Sahara battle continues, the regulator has revised lower the expenditure it intends to recover from the business group to Rs 25.88 crore in the current fiscal towards money spent on identifying the investors and making refunds. As per the court orders, Saharas were asked to bear...
  • 'Don't think Sahara can pay off debts, expect to take control of hotels before time' January 21, 2015

    Mumbai: An investment vehicle lining up a $2 billion package to help bail the boss of India's troubled Sahara out of jail said it expects to ultimately take control of landmark hotel assets like New York's Plaza after the conglomerate fails to repay lenders. Saransh Sharma, a San Jose, California-based investor...
  • SC allows Sahara group's proposed loan transaction from abroad for raising funds January 9, 2015

    New Delhi: In a relief for Subrata Roy, the Supreme Court on Friday allowed the Sahara Group to go ahead with its proposed loan transaction from abroad for raising funds to ensure release of Subrata Roy from jail. As per court's directions Sahara Group will have to seek permission from Reserve...
  • SC refuses to free Sahara's Subrata Roy from custody December 17, 2014

    New Delhi: The Supreme Court on Wednesday declined Sahara Group chief Subrata Roy's plea for release from jail along with his two other directors. The trio were taken into custody March 4 for non-compliance of Aug 31, 2012, order to return investors' money that Sahara's two real estate companies - Sahara...
  • SC defers verdict on Sahara plea to raise more debt on hotels December 17, 2014

    Mumbai: The Supreme Court on Wednesday deferred a verdict on embattled Sahara conglomerate's plea seeking permission to raise more debt on its three overseas hotels, crucial to secure bail for its jailed chief Subrata Roy. Sahara needs to deposit an initial $1.6 billion to secure bail for Roy, held in a...
  • Sahara awaits court verdict that may give jailed chief Subrata Roy freedom December 17, 2014

    New Delhi: Embattled conglomerate Sahara is readying for a court verdict on Wednesday that will determine if it can take on a new loan and refinance debt on its overseas hotels, including the Plaza in New York, to secure the release of its jailed chief. Sahara Chairman Subrata Roy has been...
  • Sahara to sell Mumbai, Jodhpur land parcels for Rs 1,251 crore December 7, 2014

    New Delhi: After selling land in Gurgaon for Rs 1,211 crore recently, Sahara group is believed to have finalised two more land parcels deals - one in Mumbai and another in Jodhpur - for over Rs 1,250 crore. Besides, talks are in final stages for sale...
  • To get Subrata out of Tihar, Sahara sells off Gurgaon land to M3M India for over Rs 1,200 crore December 4, 2014

    New Delhi: As it tries to raise funds for securing release of chief Subrata Roy from Tihar jail, Sahara group on Thursday sold a big land parcel in Gurgaon for Rs 1,211 crore to realty firm M3M India Ltd. The group is also believed to have clinched deals for sale of...