New Delhi: The SEBI should come out with a mechanism to verify the genuineness of investors, who had invested in the Sahara Group, and start refunding money to them, the Supreme Court said on Wednesday.
A bench of justices KS Radhakrishnan and JS Khehar also sought an affidavit detailing their assets from Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC), the two companies in which the investors had put in their money, and are facing property attachment proceedings in the case.
The court said that Securities and Exchange Board of India (SEBI) should start making payments to the investors whose genuineness had been verified. The bench added that if any investor is not found to be genuine, the same must be put to Sahara Group for verification.
The court has fixed July 17 for hearing on SEBI's plea for initiating contempt proceedings against the two companies, its directors, and Sahara Group chief Subrata Roy for not obeying its August 31 last year orders....
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10:48 PM, May 08, 2013
Mumbai: Over three-and-a-half years after receiving draft papers for the proposed IPO of Sahara Prime City Ltd, Sebi has formally closed this file as the company failed to submit clarifications sought by the market regulator. Sebi closed file on the Rs 3,450-crore IPO proposal last week without any go-ahead for public issue, after various clarifications sought from merchant bankers for the share sale remained pending for months together. Sebi had...
09:00 AM, Apr 23, 2013
New Delhi: The Sahara Group and its promoter Subrata Roy on Monday faced a tough time in the Supreme Court which pulled them up for not refunding Rs 24,000 crore to its investors and accused them of "manipulating courts" by approaching different forums for relief. A bench comprising by Justices KS Radhakrishnan and JS Khehar slammed the group and its chief for not filing response on SEBI's contempt plea against...
06:49 PM, Apr 22, 2013
Mumbai: The Securities Appellate Tribunal (SAT) will on Saturday hear Sahara Group chief Subrata Roy's plea 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. The Tribunal will on Saturday hold its "preliminary hearing" of four petitions in this matter related to the high-profile case involving a refund of over Rs 24,000 crore raised through...
07:34 AM, Apr 13, 2013
New Delhi: Sahara chief Subrata Roy on Wednesday said that he should be hanged if any wrongdoing was found in his company. Speaking to CNN-IBN, Roy alleged that he was being targeted by "some people in the system" and attacked SEBI for delaying the process of verifying documents related to investors submitted by the company. "Seven months have passed. Nothing has been done by SEBI for verification of the accounts....
08:04 PM, Apr 10, 2013
Mumbai: Sahara group chief Subrata Roy, who appeared before a SEBI panel on Wednesday complained with a smile that he was not offered a cup of tea at the hour-long meeting. Roy who was summoned said that his company paid Rs 5,120 crore to SEBI and all the expenses are on Sahara's account, so it was unfortunate that during the meeting, they weren't even offered a cup of tea by...
07:46 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
Mumbai: The Mumbai Economic Offences Wing has launched a preliminary investigation against the Sahara Group. The probe will focus on whether Sahara is intimidating investors. The Mumbai EOW chief has told CNN-IBN that they have been asked by the Government of India to probe Sahara. This comes even as Sahara group chief Subrata Roy has to appear before market regulator Sebi on Wednesday in the high-profile refund case involving an...
12:26 PM, Apr 10, 2013
Mumbai: In the high-profile refund case involving an estimated Rs 24,000 crore payment to over three crore investors, Sahara Group's chief Subrata Roy and other top executives will appear before the marget regulator Sebi on Wednesday. Sebi had summoned Roy and three other directors of two Sahara firms for personal appearance in an order dated March 26. Sebi wants to ascertain details of their personal assets, as also the investments...
08:29 AM, Apr 10, 2013
New Delhi: Market regulator SEBI has incurred initial costs of more than Rs 55 crore in its humongous task of facilitating Rs 24,000-crore refund to bondholders of two Sahara firms after verifying their credentials and Saharas would have to clear all these bills. The final expense bill of the Securities and Exchange Board of India (SEBI) in this high-profile case could be much higher, as just two contracts - for...
03:17 PM, Apr 07, 2013
he Securities Appellate Tribunal (SAT) on Tuesday adjourned its hearing on Sahara-Sebi case. The hearing will now happen on April 13. Sahara Group chief Subrata Roy had filed a plea challenging Sebi's attachment order on his bank accounts and other assets. ...
12:37 PM, Mar 26, 2013
The Securities Appellate Tribunal is set for the final hearing in the Sahara Group case on Tuesday. Sahara Group chief Subrata Roy had filed a plea challenging Sebi's attachment order on his bank accounts and other assets. ...
09:18 AM, Mar 26, 2013
The Securities Appellate Tribunal will begin on Saturday the final hearing on a plea by Sahara chief Subrata Roy against market regulator SEBI's attachment order on his bank accounts and other assets, along with those of two group firms and their top executives. ...
09:31 AM, Mar 23, 2013
Not every executive challenges his regulatory tormentors to a televised debate, but Subrata Roy, who heads India's Sahara conglomerate, is not your typical CEO. "Enough is Enough," Sahara said in full page ads this week, days after the Securities and Exchange Board of India (SEBI) sought Supreme Court approval to arrest Roy and two Sahara directors, escalating a battle between the regulator and one of corporate India's most enigmatic personalities....
04:05 PM, Mar 22, 2013
Sahara group on Friday hit back at SEBI after the latter moved the Supreme Court seeking arrest of its promoter Subrata Roy and barring him from leaving the country after two companies of the group failed to comply with court's order to refund Rs 24,000 crore to its investors. ...
09:17 PM, Mar 15, 2013
The Securities and Exchange Board of India has moved the Supreme Court, asking for the detention of Sahara Group Chairman Subrata Roy for not following the court's orders. Two companies of the Sahara Group were ordered to refund Rs 24,000 crore to subscribers. ...
02:48 PM, Mar 15, 2013
The Securities Appellate Tribunal on Tuesday posted for March 23 its final hearing on a plea by Sahara chief Subrata Roy against market regulator Sebi's attachment order on bank accounts and properties of two group firms and their top executives. The matter relates to a Supreme Court direction ordering refund of more than Rs 24,000 crore of investors' money raised by two Sahara group firms -- Sahara India Real Estate...
05:57 PM, Mar 12, 2013
Market regulator SEBI's action in seizing Sahara's assets has opened up a Pandora's box. The company's claim that it has paid back investors holds little water. SEBI says Sahara could not have made any refund after August 2012. The Supreme Court order directed Sahara to deposit the refund money with SEBI, not pay investors directly. The company has little option but to pay up now. ...
10:13 PM, Feb 14, 2013
Sebi has taken stern action against Sahara for failing to return the money of investors. The total amount to be refunded is over Rs 24,000 crore. Sebi's action follows directions from the Supreme Court, which had said last week that the market regulator was free to freeze accounts and attach properties if Sahara group firms were not depositing the money with it for refunding to the investors. ...
11:01 AM, Feb 14, 2013
The Securities and Exchange Board of India (SEBI) cracked down on the Sahara Group and on Wednesday froze accounts of Sahara India Real Estate Corporation and Sahara Housing Investment Corporation. ...
07:27 AM, Feb 14, 2013
