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
The Sahara group on Wednesday responded to the crackdown on two of its companies by SEBI by saying that it was "genuinely concerned for its investors". The group added that since the liability to refund "the monies (of investors) was that of (two Sahara companies) SIRECL and SHICL", the attachment of assets of individuals by SEBI was incorrect. ...
11:54 PM, Feb 13, 2013
The Securities and Exchange Board of India (SEBI) on Wednesday cracked down on Sahara group, freezing more than 100 bank accounts of two of its companies. Sources said that the immovable assets of the two companies were also frozen. ...
11:28 PM, Feb 13, 2013
The Securities and Exchange Board of India (SEBI) on Wednesday cracked down on Sahara group, freezing more than 100 bank accounts of two of its companies. Sources said that the immovable assets of the two companies were also frozen. ...
08:51 PM, Feb 13, 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: Hours after the Supreme Court directed Sahara Group to make payment of Rs 24,000 crore to its investors within nine weeks, the company said it was ready to pay as per the directives. In a statement issued by its lawyer on Wednesday, Sahara said it had offered to repay the holders of Optionally Fully Convertible Debentures (OFCDs). Sahara claimed that it had kept two pay orders ready. "As...
09:41 PM, Dec 05, 2012
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 has deferred a hearing over the Sahara conglomerate's failure to meet the court's guidelines to repay crores of rupees it had raised from investors through bond sales that were later ruled to be illegal. The Supreme Court said it would hear the case on Wednesday, after a lawyer for Sahara sought more time to reply to why the group had not complied with the court's...
01:37 PM, Dec 04, 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: Sahara Group on Friday moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against market regulator SEBI in a case involving refund of about Rs 24,000 crore with interest to about three crore investors. A bench headed by Chief Justice Altamas Kabir listed the matter for hearing on Monday. The counsel for Sahara told the bench that the company was ready...
06:26 PM, Nov 30, 2012
Mumbai: The Securities Appellate Tribunal on Thursday dismissed an appeal by two Sahara group firms against Sebi in the high-profile case involving refund of about Rs 24,000 crore with interest to about three crore investors. Sahara firms in their appeal had sought the tribunal's intervention in refund of investors' money and had accused the market regulator Sebi of wrongly charging them of non-compliance with a Supreme Court order in this...
06:38 PM, Nov 29, 2012
New Delhi: Market regulator SEBI has begun prosecution proceedings against two Sahara firms and their top officials, while accusing them of failing to provide documents related to three crore investors as per a Supreme Court order. The prosecution proceedings have been launched against Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHCIL), as also their promoter/directors - Ashok Roy Choudhary, Ravi Shankar Dubey, Vandana Bhargava...
01:43 PM, Nov 25, 2012
New Delhi: The Sahara Group found itself in trouble on Saturday after market regulator Securities and Exchange Board of India (SEBI) issued a public warning to bond holders of two of its companies. The notice said that SEBI had received complaints from investors that they were being forced by Sahara agents to forcefully switch to some of its other schemes like the retail scheme Sahara Q Shop. The notice further...
12:24 PM, Oct 27, 2012
New Delhi: In a major setback to the Sahara Group, the Supreme Court has directed Sahara to deposit over Rs 24,000 crore that it had collected through OFCD (optionally fully convertible debentures) with PSU banks. The court has granted Sahara India Real Estate Corporation and Sahara Housing Investment Corporation three months to deposit the amount. Sahara has been asked to give a list of all the investors to SEBI in...
11:05 AM, Aug 31, 2012
New Delhi: The Board of Control for Cricket in India (BCCI) has raised objection to a recent television commercial released by the Subroto Roy Sahara's Sahara Group and has asked them to withdraw it. The advertisement for the Sahara 'Q' Shop shows Indian cricketers Sachin Tendulkar holding a pot on his shoulder and performing the last rites, Virender Sehwag replacing a cradle with a hospital bed and Yuvraj Singh digging...
08:26 AM, Aug 23, 2012
New Delhi: Subrata Roy-promoted Sahara Group announced its foray into retail business, to supply a comprehensive range of consumer products. "The company has made an initial allocation of Rs 3,000 crore towards this business. We will invest according to the need as we go ahead," Sahara India Pariwar Chairman Subrata Roy said. The range comprising 1700 products will be distributed through direct-to-home mode. Christened Sahara Q Shop, the first phase...
03:26 PM, Aug 14, 2012
The Sahara Group has agreed to buy a controlling stake in New York's landmark Plaza Hotel for $570 million, Elad Properties, an Israeli-owned real estate company. ...
09:28 AM, Aug 01, 2012
New Delhi: Sahara Group is set to buy New York's landmark Plaza Hotel for $570 million, The Times of India reported on Tuesday. The deal for the Plaza, the 105-year-old luxury hotel near New York's Central Park, is expected to be announced by the end of June, The Times reported, citing a source close to the talks. The Plaza is jointly owned by Elad Properties, an Israeli-owned real estate company,...
12:05 AM, Jun 13, 2012
Sahara Group is set to become the new sponsor of the Bangladesh cricket team after offering $9.4 million over four years. ...
10:49 PM, May 30, 2012
