Mumbai: The Securities Appellate Tribunal is likely to hear Sahara chief Subrata Roy's plea in May against market regulator Sebi's attachment order of his bank accounts and other assets, along with those of two group firms and their top executives. Four petitions have been filed against Sebi, namely by Sahara chief Subrata Roy himself, Sahara Housing Investment Corp Ltd (SHICL), Sahara India Real Estate Corp Ltd (SIRECL), and Ashok Roy Chaudhary and others.
After taking up the petition for its "preliminary hearing", the Securities Appellate Tribunal (SAT) had posted the matter to April 20 for further discussion. However, the matter has not been listed by SAT in its April 20 'cause list' and it is now understood to have been posted for May.
The petitions are related to a high-profile case involving a refund of over Rs 24,000 crore raised through "various illegalities" by two Sahara companies. The petitions have challenged Sebi's February 13 order attaching bank accounts, investments and other assets of the two companies and their four top executives, including Roy, to eventually sell them for recovering required funds for the investor refund as per a Supreme Court order.
In the meantime, Sebi passed another order in this case on March 26, wherein it summoned Roy and three other top executives for personal appearance on April 10 after submitting details of their personal and company assets to ascertain terms for the sale of those assets. Roy and others appeared before Sebi's whole-time member Prashant Saran
08:33 PM, Apr 19, 2013
New Delhi: Sahara group chief Subrata Roy, who appeared before a SEBI panel on Wednesday to give details of his company's assets, said that the repayment of remaining investors had been delayed because of SEBI as the market regulator was wasting time by delaying the verification of investor base he had given them. "SEBI has wasted time by not verifying the base of the investors we have provided to them....
04:44 PM, Apr 10, 2013
Mumbai: Sahara Group chief Subrata Roy and top executives reached Sebi's office to appear before the market regulator in connection with the high-profile refund case involving an estimated Rs 24,000 crore payment to over three crore investors. Sebi had said that if they failed to appear, it would issue orders for the attachment and sale of its assets. The Supreme Court had ordered Sebi to get Sahara repay its investors...
03:14 PM, Apr 10, 2013
The last hope of Sahara Group to get more time to refund Rs 24,000 crore to its investors was on Monday dashed in the Supreme Court which dismissed its plea and pulled it up for not complying court's earlier order to return the money by first week of February. A bench headed by Chief Justice Altamas Kabir, which had earlier extended the deadline to two companies of the group for...
06:47 PM, Feb 25, 2013
The Supreme Court on Wednesday dismissed Sahara group's plea for review of its verdict directing its two firms to refund around Rs 24,000 crore to their investors with 15 per cent interest per annum. A bench of justices KS Radhakrishnan and JS Khehar, which had passed a slew of orders against the group on August 31, 2012, rejected Sahara's plea. ...
08:40 AM, Jan 10, 2013
New Delhi: The Supreme Court (SC) on Wednesday gave the Sahara Group more time in the refund case and asked the company to refund Rs 24,000 crore to its investors by February, 2013. The apex court said the first demand draft of Rs 5,120 crore should be paid immediately while, the remaining amount should be paid in two equal installments. The first installment of Rs 10,000 crore is to be...
12:46 PM, Dec 05, 2012
New Delhi: The Supreme Court on Monday rapped Sahara Group for not complying with its order for refunding Rs 27,000 crore to its investors saying the intention of the company looks "shaky". "Your intention is very shaky. Every step taken by you is shaky," it said. The apex court added that Sahara Group's reasoning for not refunding its investors is "unjustifiable". "You are justifying your conduct which is unjustifiable," the...
01:14 PM, Dec 03, 2012
New Delhi: An Empowered Group of Ministers (EGoM) on Monday decided to refund licence fee of companies whose telecom licences were cancelled earlier this year but had no criminal charge against them. The EGoM, headed by Finance Minister P Chidambaram, also decided to recommend to the Cabinet a one-time fee on existing telecom operators for spectrum they hold beyond 4.4 MHz. The Supreme Court in February had cancelled 122 licences...
08:50 AM, Oct 09, 2012
Bangalore: The Bangalore Metropolitan Transport Corporation (BMTC) will be halting the process of refunding students for those who purchased bus passes before a reduction in rates was introduced. The refund process which started on September 7 at 36 centres across the city was scheduled to run till September 30. It will be stopped between September 27 and October 8 as the commencement of monthly passes will occur during those days....
01:53 PM, Sep 25, 2012
On Friday, the Supreme Court ruled that SEBI has jurisdiction over the OFCDs issued by 2 unlisted Sahara Group companies, raising almost Rs 24,000 crore. The apex court ordered the Sahara companies to refund the outstanding Rs. 24,000 crore. The refund process is to be handled by SEBI and will be monitored by retired Justice Agarwal. Sahara has maintained that the sale of OFCDs was done via a private placement...
12:40 PM, Sep 01, 2012
Nagpur: Central Railway has implemented a new, Advance Coaching Refund System (ACRS) recently to reduce the time taken for e-Tickets refunds. According to this system, all the e-ticket data is uploaded directly from IRCTC server to ACRS directly and dealt by the refund section in Chief Commercial Manager's Office, Chhatrapati Shivaji Terminus Mumbai. The cases, in which the refund amount is sanctioned, it is transferred to IRCTC through pay order...
04:57 AM, May 12, 2012
New Delhi: Telecom major Vodafone on Wednesday said the government's move to retrospectively amend income tax laws does not augur well for investors but asserted that it has no plan to exit India. "As a practicing businessman in India, this will not augur well for foreign direct investment and the country at large," Vodafone India's non-executive Chairman Analjit Singh said in response to a query on the proposal to amend...
04:49 AM, Mar 22, 2012
New Delhi: Within hours of the Supreme Court dismissing the review petition in the Vodafone's tax case, government on Tuesday refunded about Rs 2,500 crore plus four per cent interest to the firm. When asked, a Vodafone spokesman said "the money has been refunded -- Rs 2500 crore plus four per cent interest". Earlier, Law Minister Salman Khurshid told reporters that the government would have to repay the money. "To...
12:17 AM, Mar 21, 2012
New Delhi: Worried that high inflation and moderating growth could impact tax collections in 2011-12, the Government on Tuesday indicated that it may go slow on tax refunds and refrain from reducing duties on petroleum products. The indications were given by top revenue official at the annual meeting of senior Income Tax officers here and Finance Minister Pranab Mukherjee, who was present there, agreed with the assessment. Commending I-T department...
07:42 AM, May 25, 2011
New Delhi: Cyber crooks are on the prowl this financial year closing and are using phishing attacks and hoax-alerts to gain access to account details of individuals who have filed their Income Tax returns online, warn experts. "It is the season of income tax returns. Many people file them online. Cyber criminals use this time to launch phishing attacks through emails as many people are not aware of these things,"...
12:13 PM, Mar 22, 2011
The scheme of service tax refund for exporters was first introduced in September 2007. ...
11:41 AM, Jul 22, 2009
MS overpaid some former employees, underpaid others. ...
10:35 AM, Feb 24, 2009
What happens to that money then? How can you claim it? ...
12:31 PM, Nov 04, 2008
Bristol: Stuart Broad, England's new Twenty20 captain, had a second injury scare ahead of Saturday's match against Sri Lanka in Bristol but insisted he would be fit to lead the team for the first time. Broad suffered a bruised heel during the drawn third Test against Sri Lanka at the Rose Bowl concluded earlier this week, leading to concerns over whether he would be able to take up the reins...
08:50 PM, Feb 06, 2008
Apple Inc said some batteries in its MacBook and MacBook Pro notebook computers may have performance problems. ...
12:06 PM, Apr 28, 2007
