SEBI v. Sahara| Supreme Court Asks SEBI To Examine Sahara Group's Proposed JV Agreement For Versova Land
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15 hours, 37 minutes ago

SEBI v. Sahara| Supreme Court Asks SEBI To Examine Sahara Group's Proposed JV Agreement For Versova Land

Live Law  

The Supreme Court today directed the Security Exchange Board of India to examine Sahara Group's Joint Venture Agreement proposed for developing latter's Versova land in Mumbai and file sealed cover response before the Court. Notably, the Court on September 5, 2024 directed Sahara Group to deposit Rs 1000 crores in a separate escrow account within 15 days and also allowed the cash-strapped company to enter into joint venture for developing its properties at Versova, Mumbai in order to raise the sum of Rs 10,000 crores due to be paid to its lenders. Senior Advocate Kapil Sibal appearing for Sahara informed the bench that the development agreement was ready and filed with the Court in a sealed cover and the proposed builder namely Oberoi Realty would be giving Rs. Taking note of the above, the Court ordered that the Joint Venture agreement between Sahara and Oberoi Realty be handed over to SEBI and Sr Advocate Shekhar Naphde who will further examine the proposal.

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History of this topic

Sahara’s Versova property: SC directs Sebi to examine development proposals from Oberoi Realty and Valor Realty
18 hours, 4 minutes ago

Sahara’s Versova property: SC directs Sebi to examine development proposals from Oberoi Realty and Valor Realty

Live Mint  

The Supreme Court has directed the Securities and Exchange Board of India to evaluate proposals submitted by real estate developers Oberoi Realty and Valor Realty for the development of debit-ridden Sahara Group’s 106-acre Versova land in Mumbai. In September, the bench also allowed Sahara’s firms—Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd —to pursue joint ventures …

SC asks Sahara Group to furnish list of top officials, properties for sale
4 months ago

SC asks Sahara Group to furnish list of top officials, properties for sale

The Hindu  

The Supreme Court on Wednesday asked the Sahara Group to apprise it of its officials at the helm and the current shareholders besides the list of unencumbered properties which can be sold to realise ₹10,000 crore. In a series of directions on August 31, 2012, the top court had directed that Sahara Group firms – Sahara India Real Estate Corporation …

Supreme Court Reluctant To Allow ED Attachment Of Sahara Properties, Says Investors Will Get Nothing
4 months ago

Supreme Court Reluctant To Allow ED Attachment Of Sahara Properties, Says Investors Will Get Nothing

Live Law  

During the hearing of contempt pleas filed against Sahara India, the Supreme Court yesterday called on the conglomerate to place before it a scheme as to how it plans to deposit the outstanding sum in the Sahara-SEBI Refund Account. The Court also asked the company to give a list of its unencumbered properties.The matter was before a bench of Justices …

Rajasthan RERA Orders Refund To Four Homebuyers Of Sahara City Homes
5 months, 2 weeks ago

Rajasthan RERA Orders Refund To Four Homebuyers Of Sahara City Homes

Live Law  

Rajasthan Real Estate Regulatory Authority Bench, comprising Veenu Gupta, has directed Sahara Prime City Limited, the builder, to refund the amount paid by four homebuyers of the Sahara City Homes project, Jaipur after the builder failed to provide timely possession. Background Facts Homebuyers booked flat numbers B8/904, B5/502, C4/701, and C8/701 in the Sahara City Homes project situated in Jaipur, …

SEBI to sustain action against Sahara even after founder’s death, says Buch
1 year, 1 month ago

SEBI to sustain action against Sahara even after founder’s death, says Buch

The Hindu  

The Sahara India matter would continue even after the death of the group’s founder and chairman Subrata Roy, Securities & Exchange Board of India chairperson Madhabi Puri Buch said on Thursday, a day after Mr. Roy passed away following illness in Mumbai. The investors will get their money back going forward,” Ms Buch said on the sidelines of an event …

Supreme Court Allows Disbursal Of Rs 5000 Crores From SEBI-Sahara Fund To Depositors; Former SC Judge To Monitor Disbursals
1 year, 9 months ago

Supreme Court Allows Disbursal Of Rs 5000 Crores From SEBI-Sahara Fund To Depositors; Former SC Judge To Monitor Disbursals

Live Law  

The Supreme Court on Wednesday allowed an application filed by the Central Government seeking allocation of ₹ 5,000 crore out of ₹ 24,979 crores deposited by the Sahara group with the Securities and Exchange Board of India to repay the dues of the depositors of the Sahara Group of Cooperative Societies.The Court ordered that out of the total amount of …

Sebi recovers ₹6.57 crore dues from Sahara Group, its chief Subrata Roy
1 year, 9 months ago

Sebi recovers ₹6.57 crore dues from Sahara Group, its chief Subrata Roy

Live Mint  

Markets regulator Sebi on Tuesday said it has recovered pending dues worth ₹6.57 crore from Sahara India Real Estate Corporation, its chief Subrata Roy, and others in the case pertaining to flouting norms in issuance of optionally fully convertible debentures. "In view of the payment of the amount of ₹6.57 crore due under the certificate, the said certificate is hereby …

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy, others
2 years ago

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy, others

The Hindu  

SEBI on December 26 ordered the attachment of bank and demat accounts of Sahara Group firm, its chief Subrata Roy and others to recover ₹6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures. The recovery proceedings against five entities—Sahara India Real Estate Corporation, Subrata Roy, Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bhargava—for ₹6.42 …

Sebi orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy, others
2 years ago

Sebi orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy, others

India Today  

Sebi on Monday ordered the attachment of bank and demat accounts of Sahara Group firm, its chief Subrata Roy and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures. The recovery proceedings against five entities -- Sahara India Real Estate Corporation, Subrata Roy, Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana …

End relief to Sahara group, SEBI tells SC
4 years, 1 month ago

End relief to Sahara group, SEBI tells SC

The Hindu  

The Securities and Exchange Board of India has asked the Supreme Court to cut short the “long rope” given to the Sahara group and direct it to cough up ₹62,602.90 crore in dues or send its chief, Subrata Roy, to jail for contempt. “Direct the Saharas to forthwith deposit the balance amount of ₹62,602.90 crore as on September 30, failing …

SEBI moves SC for payment of ₹ 62K crore from Sahara firms, wants Subrata Roy in custody if not paid
4 years, 1 month ago

SEBI moves SC for payment of ₹ 62K crore from Sahara firms, wants Subrata Roy in custody if not paid

The Hindu  

Markets regulator SEBI has moved the Supreme Court seeking direction to two Sahara firms to pay ₹ 62,602.90 crore in compliance with the court’s earlier orders, failing which the group’s chief Subrata Roy be taken into custody. SEBI said the contemnors, Roy and his two firms — Sahara India Real Estate Corporation Ltd. and Sahara Housing Investment Corporation Ltd. — …

'Sahara Must Pay Rs. 62,602 Crore That It Collected From Public': SEBI Moves Supreme Court Seeking Custody Of Subrata Roy For Failure To Deposit
4 years, 1 month ago

'Sahara Must Pay Rs. 62,602 Crore That It Collected From Public': SEBI Moves Supreme Court Seeking Custody Of Subrata Roy For Failure To Deposit

Live Law  

The Securities and Exchange Board of India has moved Supreme Court against Sahara India Real Estate Corporation Ltd. and Sahara Housing Investment Corporation Ltd. for INR 62,602 crore which it had collected from the public.The Market Regulator seeks that the Contemner be held in contempt & be taken into custody, if it fails to deposit the said amount.SEBI. The Securities …

Sebi asks Sahara chief Subrata Roy to Pay ₹626 billion to avoid jail
4 years, 1 month ago

Sebi asks Sahara chief Subrata Roy to Pay ₹626 billion to avoid jail

Live Mint  

India’s markets regulator has petitioned the Supreme Court to direct tycoon Subrata Roy to pay ₹626 billion immediately, or cancel his parole if he doesn’t yield. The Securities and Exchange Board of India said the outstanding liability of the Sahara India Parivar group’s two companies and the group’s chief Roy stand at ₹626 billion, including interest, according to court filings …

All problems to be resolved in 2020: Sahara chief Subrata Roy
4 years, 10 months ago

All problems to be resolved in 2020: Sahara chief Subrata Roy

Live Mint  

Hopeful of all its problems getting resolved this year, embattled Sahara group's chief Subrata Roy has said two large foreign investors have been roped in for real estate and city development businesses and nearly ₹22,000 crore deposited with regulator Sebi will also eventually come back. Referring to a long-running dispute with capital market regulator Sebi over funds garnered by two …

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