Mumbai: The Securities Appellate Tribunal on Saturday adjourned to April 20 its hearing on 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. After taking up the petition for its "preliminary hearing", the Securities Appellate Tribunal (SAT) posted the matter to April 20 as the counsel for Sahara Group sought adjournment due to medical reasons.
The matter relates to the case involving a refund of over Rs 24,000 crore raised through "various illegalities" by two Sahara companies. 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.
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. Roy had first approached SAT against Sebi's attachment orders in February, followed by pleas filed by other entities.
The Tribunal last heard the matter on March 26, when it decided to proceed further on all the petitions together. Incidentally, Sebi passed another order in this case on March 26, hours after SAT's last hearing of Sahara plea. In its March 26 order, Sebi summoned Roy and three other top executives for personal appearance on
11:35 AM, Apr 13, 2013
Lucknow: A division bench of the Lucknow High Court will hear the Sahara-Securities Exchange Board of India (Sebi) case on Friday. Subrata Roy led Sahara India had filed a writ petition seeking to quash the market regulator's February 13 order. The court had directed Sebi to file a counter affidavit. It had also advised Sebi to seek clatification on whether the Supreme Court judgement in this case relates only to...
09:01 AM, Apr 12, 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 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
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
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
New Delhi: Market regulator SEBI on Friday filed a contempt petition against the Sahara Group in the Supreme Court for not complying with its directions relating to refund of about Rs 24,000 crore by its two firms to their investors. The petition by SEBI said the two firms, Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC), have not followed the apex court's direction to furnish within...
04:02 PM, Nov 03, 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
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
Lucknow: Corporate giants Sahara India Monday bought the Lucknow franchise of the soon-to-be-launched Hockey India League (HIL) which will be held in different cities of the country early next year. The inaugural HIL will have six city-based teams playing one another on a home and away basis. Speaking on the occasion, managing worker and chairman of Sahara India Pariwar, Subrata Roy Sahara said, "We are proud to associate ourselves with...
06:29 PM, Jul 23, 2012
New York: Sahara India Pariwar Ltd made an unsolicited $ 600 million offer to acquire the landmark Plaza Hotel in New York, the 'Wall Street Journal' reported, citing people familiar with the matter. The deal would need the approval of Israeli-owned El Ad US Holding Inc and their partner in the hotel, Kingdom Holding Co, controlled by Saudi Arabia's Prince Alwaleed bin Talal. El Ad is examining the proposal, but...
09:22 AM, Apr 10, 2012
Not of the three demands of Sahara India: 27 percent cut in franchise fees, an open auction pool and five foreign players in the team were met by the BCCI. ...
06:54 PM, Feb 13, 2012
Mumbai: In a historic order, the SEBI appellate tribunal ruled that Sahara Group would have to repay over Rs 24,000 crore it had collected in the form of optionally convertible debentures. However, investors still feel there's very little hope of getting their money back. One of the investors, Anil Upadhyay, has little hopes despite the SEBI tribunal asking the company to return the money within six weeks. "There are thousands...
09:28 AM, Oct 20, 2011
New Delhi: A Delhi Court on Monday issued bailable warrant against Subrata Roy, Chairman of Sahara India Group, in a case of alleged cheating and forgery in a housing project launched by his company. Chief Metropolitan Magistrate Vinod Yadav directed the Delhi Police to execute the warrant against Roy and four other company officials by February 9. The warrant was issued on a complaint filed by Neeraj Pandey who alleged...
04:35 PM, Jan 24, 2011
New Delhi: The Supreme Court on Tuesday said SEBI was entitled to seek all necessary information from two Sahara group firms on how resources were being raised but refused to stay the companies' ongoing fund-mopping exercise. The apex court was hearing market regulator's petition against an Allahabad High Court order staying SEBI's ban on two Sahara group firms, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation from raising...
01:58 PM, Jan 04, 2011
The money will be distributed only among the striking players. ...
12:09 PM, Jan 13, 2010
