New Delhi: The Sahara Group on Wednesday accused the BCCI of "betrayal of trust" while rejecting claims of the Board that the IPL team was to be blamed for the controversy surrounding the franchise fee, leading to Pune Warriors pulling out of the Twenty20 tournament.
A day after Sahara Group pulled out its team Pune Warriors from IPL, citing BCCI's decision to encash its bank guarantee following a prolonged financial dispute as the reason, the Board came out with its version saying that it has always wanted the impasse to end.
The BCCI said that the Sahara Group had not responded to the BCCI's communication sent to the company after the deadline to pay the franchise fee due was over and it had no other option but to encash the bank guarantee.
Reacting to the BCCI's claims, Sahara Group said the fact that the Board would encash the bank guarantee a day after Pune Warriors played their last match in the ongoing IPL was a case of "betrayal of trust". "... Mr Rajiv Shukla, Chairman IPL had a discussion with our Chairman, Shri Subrata Roy Sahara, in which our Chairman had suggested that we are ready to make the final instalment payment and is ready to exit amicably if IPL doesn't reduce the franchisee fee. But Shri Shukla had assured our Chairman to hold on and said that he will resolve the issue and till then the bank guarantee will not be touched," Sahara Group said in
11:55 PM, May 22, 2013
New Delhi: The BCCI on Wednesday rejected Sahara Group's claim that it had failed to expedite the arbitration process to reduce franchisee fee, saying that it has acted as per the rules and was not responsible for the situation. A day after Sahara Group pulled out of the IPL, citing BCCI's decision to encash its bank guarantee following a prolonged financial dispute, the BCCI came out with its version saying...
07:10 PM, May 22, 2013
New Delhi: The Indian cricket board (BCCI) has claimed that it has not received any intimation from Sahara India, owners of IPL franchise Pune Warriors India, about its decision to withdraw from the IPL and discontinue its sponsorship of the Indian cricket team at the end it its existing agreement in December 2013. A media release from BCCI secretary Sanjay Jagdale on Wednesday said: "The BCCI has read in media...
05:55 PM, May 22, 2013
Sahara and the BCCI have been at loggerheads for more than a year now over that franchise fee with Sahara maintaining the BCCI did not honour its commitment in the bid document. ...
08:13 PM, May 21, 2013
New Delhi: Sahara India, the owner of Pune Warriors India, has pulled out of the Indian Premier League, having failed to pay the full franchise fee for the current year which resulted in BCCI encashing the bank guarantee on Tuesday. Sahara bought Pune franchise for a record Rs 1702 crore for 10 years. But they had a dispute regarding the reduction of the franchise fee as initially there were 94...
06:47 PM, May 21, 2013
New Delhi: 6:41 pm: Sahara franchise pulls out from IPL. Sahara owns the Pune Warriors franchise in the Indian Premier League. Pune Warriors is the costliest franchise in IPL. A Sahara statement said: Sahara bought Pune franchise for a record Rs 1702 crore for 10 years. But they currently have dispute regarding the reduction of the franchise fee as initially there were 94 matches which was later reduced to 74...
11:05 AM, May 21, 2013
New Delhi: In the high profile Sahara case involving over Rs 24,000 crore raised through "various illegalities", market regulator SEBI has begun the process of refund to individual investors who have been verified by it. The money is being refunded only in those cases where SEBI has not found any multiplicity during its verification process. Refund for others will have to wait till the next direction from the Supreme Court,...
05:17 PM, May 14, 2013
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...
10:48 PM, May 08, 2013
New Delhi: The Supreme Court on Thursday stayed proceedings on pleas filed by Sahara group and its chief Subrata Roy against refunding Rs 24,000 crore to investors and attachment of their properties after the SEBI accused them of approaching different forums for delaying the process. A bench comprising by Justices KS Radhakrishnan and JS Khehar also issued notice to them on SEBI's plea seeking transfer of all cases filed by...
12:25 AM, May 03, 2013
Gurgaon: Two men allegedly gangraped a 23-year-old girl in a moving car in Sohna near Gurgaon. The police have arrested one of the accused named by the victim while the others are still absconding. According to the victim, she came with her friend Devendra in his SUV from Delhi to Gurgaon for shopping. A friend of Devendra was also in the car, she said. She added that they went to...
11:12 AM, May 01, 2013
New Delhi: The Securities and Exchange Board of India (SEBI) on Monday filed a fresh petition in the Supreme Court seeking all cases related to two Sahara firms be heard by the court itself. According to SEBI, the SC was in best position to interpret its own order and all petitions filed by Sahara were linked to the apex court's order. The SC is likely to hear SEBI's plea on...
05:43 PM, Apr 29, 2013
New Delhi: Sahara Force India might have narrowly missed out on a podium finish in last weekend's Bahrain GP, but its drivers Paul di Resta and Adrian Sutil feel the Silverstone-based outfit should be content with what it has achieved so far this season as the car requires some updates. Force India's British driver Di Resta finished fourth to bring home Sahara Force India's best result of the season at...
05:24 PM, Apr 23, 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
Manama: Sahara Force India recorded their best qualifying performance this season at the Formula 1 Bahrain Grand Prix here Saturday. Paul di Resta and Adrian Sutil set the seventh and eighth fastest times but will start the race fifth and sixth on the grid after penalties for Mark Webber and Lewis Hamilton. The Red Bull and Mercedes drivers were third and fourth in qualifying. Hamilton qualified behind Ferrari's Fernando Alonso...
06:44 PM, Apr 20, 2013
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...
08:33 PM, Apr 19, 2013
Pune: What looked to be the two weakest IPL teams after their standings in the last season - bottom and second from bottom - Pune Warriors and Sunrisers Hyderabad clash at the Subrata Roy Sahara Stadium in game one of Tuesday's double-header seeking to outdo the each other. Pune are coming off an upset win over two-time IPL winners Chennai Super Kings while Hyderabad's last match was a huge defeat...
04:07 PM, Apr 16, 2013
Shanghai: Adrian Sutil and Paul Di Resta will be reprimanded by Force India for their opening lap collision at the Formula 1 Chinese Grand Prix here. Both Sutil and Di Resta blamed each other for the incident, without which the Scot could have finished the race higher than eighth. Sutil had to retire after he was assaulted by Sauber's Esteban Gutierrez on Lap 4. Deputy team principal Robert Fernley said...
10:11 AM, Apr 16, 2013
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...
11:35 AM, Apr 13, 2013
