All problems to be resolved in 2020; two foreign investors roped in for realty, city development business: Sahara chief Subrata Roy
Roy said Sahara has huge land parcels but developing townships or colonies on them has been difficult due to lack of funds for internal infrastructural development.
SC directs Sahara chief Subrata Roy to appear before it on 28 February for failing to deposit Rs 25,700 crore
SC said six months were given to Sahara by to arrange the amount but what has transpired during the period has not inspired the confidence of the court
Senior advocate Kapil Sibal, appearing for the Sahara group, sought to push back the publication of the sale notice
Roy, who was present in courtroom today, had told the court that he will pay Rs 1,500 crore on or before 15 June and Rs 552.22 crore exactly a month thereafter.
The bench also directed Roy and his group as well as Sebi to provide all necessary details relating to the properties to the official liquidator within 48 hours
No extension of time will be granted to Sahara Group, the SC said
Subrata Roy's release effort: Sahara to sell London's Grosvenor House Hotel to Qatar for Rs 3,000 cr
Sale of Grosvenor House Hotel would fetch Rs 3,000 crore which would be paid to market regulator Sebi towards the payment of Rs 10,000 crore as directed by the apex court
Sahara group today told the Supreme Court that its chief Subrata Roy is not liable for refunding Rs 24,000 crore collected by its two firms from investors, countering the arguments of SEBI
"You must give a definite answer by Tuesday," a bench of justices K S Radhakrishnan and J S Khehar said while adjourning the case for 30 July on plea of the companies.
Since Sahara claims it has already paid Rs 5,120 crore to Sebi as part of the Supreme Court's order to repay its investors, Sahara is actually eligible for a refund from the regulator. In other words, it has deposited with Sebi more than it should have.
More reports are coming in that the Sahara Group is pressuring investors to roll the money in OFCDs to other schemes - in contravention of Sebi/SC orders
Sahara Group today assured the Supreme Court that its two companies which had raised Rs 24,000 crore through Optionally Fully Convertible Debentures (OFCDs) from their investors will refund the amount within three months.
One year after Sebi's landmark order against two Sahara companies, the SC seems to be shifting the focus of scrutiny to Sebi's other cases
SC has asked the two cos to file a detailed affidavit explaining as to how it will protect the interests of their 2.3 crore investors who have put in money in Sahara India Real Estate Corporation and Sahara Housing Investment Corporation.