'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, 4 months 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 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. "Inspite of the aforesaid 'clear directions giving clear timelines, the respondents, in utter disregard, disrespect and disobedience of the directions of this Hon'ble Court, deliberately and wilfully, did not comply with any of the aforesaid directions and thereby committed contempt of this Hon'ble Court," SEBI has told Supreme Court It is stated that Sahara claimed that almost 90% of the refunds was claimed to have been done by it as on August 31, 2020 "but no adequate explanation was provided as to why these developments were not brought to the notice of this Hon'ble court which was seized of the matter." On the other hand contemnors' liability is increasing daily and contemnors are enjoying their release from custody" Apropos this, it is prayed that the Top Court pass orders the Contemnors/ Sahara's be directed to forthwith deposit the sum of INR 62,602 Crore in the SEBI Sahara Refund Account — failing which the Saharas be taken into Custody.

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History of this topic

SC seeks Maharashtra govt’s response on Sahara’s Versova land sale eligibility
1 month, 1 week ago

SC seeks Maharashtra govt’s response on Sahara’s Versova land sale eligibility

Live Mint  

New Delhi: The Supreme Court on Wednesday sought a response from the Maharashtra government on the environmental status of debt-ridden Sahara Group’s 106-acre Versova land in Mumbai. In January, the Supreme Court had directed Sebi to evaluate proposals from Oberoi Realty and Valor Realty for developing the Versova land. In September 2023, the Supreme Court allowed Sahara to form a …

SEBI v. Sahara| Supreme Court Asks SEBI To Examine Sahara Group's Proposed JV Agreement For Versova Land
Trending News
2 months, 1 week 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 …

Sahara’s Versova property: SC directs Sebi to examine development proposals from Oberoi Realty and Valor Realty
2 months, 1 week 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 dismisses Sebi’s ₹25 crore penalty plea against Mukesh Ambani in RPL share manipulation case
4 months, 1 week ago

SC dismisses Sebi’s ₹25 crore penalty plea against Mukesh Ambani in RPL share manipulation case

Live Mint  

The Supreme Court on Monday dismissed a plea by the Securities and Exchange Board of India to impose a ₹25 crore penalty on Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, over alleged share manipulation involving Reliance Petroleum Ltd in November 2007. A two-judge bench of Justices J.B. Pardiwala and R. Mahadevan agreed to hear Sebi's broader case …

MahaRERA Orders Relief To Nine Homebuyers Of Sahara Prime City Facing Delay Of Over 17 Years
4 months, 1 week ago

MahaRERA Orders Relief To Nine Homebuyers Of Sahara Prime City Facing Delay Of Over 17 Years

Live Law  

Maharashtra Real Estate Regulatory Authority bench, comprising Mahesh Pathak, provided relief to nine homebuyers of the Sahara Prime City Nagpur project which has been facing a delay of more than 17 years. Background Facts Homebuyers booked their respective flats in Sahara Prime City, Nagpur, Maharashtra. Therefore, being aggrieved by the delay, the homebuyers filed nine separate complaints before the authority …

SC asks Sahara Group to furnish list of top officials, properties for sale
6 months, 2 weeks 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
6 months, 2 weeks 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
7 months, 3 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, …

The Subrata Roy Saga: Sahara Group Calls Hansal Mehta's Series 'Abusive, Condemnable'
10 months ago

The Subrata Roy Saga: Sahara Group Calls Hansal Mehta's Series 'Abusive, Condemnable'

News 18  

Sahara Group has criticised the upcoming series titled “Scam 2010 – The Subrata Roy Saga”, calling it an “abusive and grossly condemnable act” and said it is contemplating “suitable legal action” against the makers. In a statement, Sahara India said the “aggrieved members” are seeking advice to take “suitable legal action against the producer, director and all those who are …

Sahara investors protest against government failure to refund deposits
1 year, 1 month ago

Sahara investors protest against government failure to refund deposits

The Hindu  

February 01, 2024 08:40 pm | Updated 08:41 pm IST - NEW DELHI Hundreds of people who invested in four cooperatives run by the Sahara group protested in Delhi on February 1 against the government’s failure to refund the deposits. Ram Dulare, a sanitation worker from Delhi, said he had invested ₹2.5 lakh in the Sahara cooperatives six years ago …

Shielding SEBI: On Supreme Court’s ruling and SEBI probe
1 year, 2 months ago

Shielding SEBI: On Supreme Court’s ruling and SEBI probe

The Hindu  

The Supreme Court of India’s ruling on a batch of petitions, filed in the wake of a U.S.-based short seller’s allegations of malfeasance including stock price manipulation at the Adani group of companies, has squarely tossed the ball back to the markets regulator’s court. The Court has opted to subordinate petitioners’ entreaties to protect larger public interest to its chariness …

Sebi orders Raju and others to pay back Rs 1,747 crore in Satyam case
1 year, 3 months ago

Sebi orders Raju and others to pay back Rs 1,747 crore in Satyam case

Deccan Chronicle  

Hyderabad: Markets regulator Sebi has ordered former chairman of Satyam Computers Services B. Ramalinga Raju and five others to pay back Rs 624 crore of unlawful gains that were made in stock sale along with an interest of 12 per cent. Apart from Ramalinga Raju, others named in the order include his brothers B Rama Raju and B Suryanrayana Raju, …

SEBI to sustain action against Sahara even after founder’s death, says Buch
1 year, 4 months 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 …

Zee Promoters Approach Securities Appellate Tribunal Against SEBI Order: Report
1 year, 9 months ago

Zee Promoters Approach Securities Appellate Tribunal Against SEBI Order: Report

ABP News  

The promoters of Zee Entertainment Enterprises Ltd have approached the Securities Appellate Tribunal to seek relief against the SEBI's order on Tuesday. Shares of Zee Entertainment Enterprises fell over 6.50 per cent in morning trade on Tuesday after SEBI banned Essel Group chairman Subhash Chandra and ZEEL's Punit Goenka from holding any directorial or key managerial position in any listed …

Supreme Court Allows Disbursal Of Rs 5000 Crores From SEBI-Sahara Fund To Depositors; Former SC Judge To Monitor Disbursals
1 year, 11 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 …

10 crore depositors of Sahara group to get refund from escrow account
1 year, 11 months ago

10 crore depositors of Sahara group to get refund from escrow account

The Hindu  

Following a petition by the Ministry of Cooperation, the Supreme Court on March 29 ordered the reimbursement from the Sahara-SEBI refund account to about 10 crore investors. The court ordered that out of the balance amount in the Sahara-SEBI refund account, ₹5,000 crore be transferred to the Central Registrar. Sahara Group’s four societies— Sahara Credit Cooperative Society Limited, Saharayan Universal …

Sebi recovers ₹6.57 crore dues from Sahara Group, its chief Subrata Roy
1 year, 11 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 …

10 crore Sahara group investors will get back their money with interest: Amit Shah
2 years ago

10 crore Sahara group investors will get back their money with interest: Amit Shah

Op India  

On Wednesday, March 30, Union Home Minister Amit Shah assured that the 10 crore individuals whose investment is stuck in the four cooperative societies run by the Sahara group will get back their money with interest. The HM’s assurance came hours after Supreme Court allowed a plea by the Centre seeking allocation of Rs 5,000 crore, out of RS 24,000 …

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

SEBI bars Bombay Dyeing, Ness Wadia, others from securities market for up to two years; imposes fines of ₹15.75 crore
2 years, 4 months ago

SEBI bars Bombay Dyeing, Ness Wadia, others from securities market for up to two years; imposes fines of ₹15.75 crore

The Hindu  

Securities and Exchange Board of India has barred 10 entities, including Bombay Dyeing & Manufacturing Company Limited and its promoters — Nusli N Wadia, Ness Wadia and Jehangir Wadia — from the securities markets for up to two years and levied a fine totalling ₹15.75 crore on them for being involved in a fraudulent scheme of misrepresenting the company's financial …

Sebi moves Supreme Court against ruling by appellate tribunal
3 years, 2 months ago

Sebi moves Supreme Court against ruling by appellate tribunal

Live Mint  

A recent ruling by the Securities and Appellate Tribunal against the markets regulator and its adjudicating officer has become a sore point between the two institutions. The Securities and Exchange Board of India’s petition against the SAT ruling in the Supreme Court said unwarranted adverse remarks will impede the markets regulator’s ability to work fearlessly and independently. The matter pertains …

HC orders notice to SEBI on plea against DHFL
3 years, 8 months ago

HC orders notice to SEBI on plea against DHFL

Live Mint  

The Madras High Court on Tuesday ordered notice to the Securities and Exchange Board of India on a PIL demanding investigation by it into the alleged fraudulent activities of the Dewan Housing Finance Corporation Ltd. "According to the petitioner, investors may have lost in excess of ₹40,000 crore, with regulators, credit-rating agencies, auditors and others who were required to vet …

Appeal Against SEBI Order- NDTV Promoters To Deposit 50% Of The Amount To SEBI Within 4 Weeks: Securities Appellate Tribunal
4 years, 2 months ago

Appeal Against SEBI Order- NDTV Promoters To Deposit 50% Of The Amount To SEBI Within 4 Weeks: Securities Appellate Tribunal

Live Law  

A bench of the Securities Appellate Tribunal, Mumbai comprising of Justice Tarun Agarwala, Dr. CKG Nair and Justice MT Joshi in two similar orders directed the two NDTV promoters, Prannoy Roy and Radhika Roy to deposit 50% of the disgorged amount before the Securities Exchange Board of India within four weeks. The SAT was hearing two appeals preferred by the …

End relief to Sahara group, SEBI tells SC
4 years, 4 months 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, 4 months 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. — …

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

SC stays SAT's order holding that Sebi lacks power to bar auditors
5 years, 4 months ago

SC stays SAT's order holding that Sebi lacks power to bar auditors

India TV News  

The Supreme Court on Monday stayed an order of the Securities Appellate Tribunal which had held that markets' watchdog SEBI does not have the power to bar auditors. A bench comprising Justices Arun Mishra and Indira Banerjee also issued notice on the appeal filed by the Securities and Exchange Board of India against the SAT's September 9 order. The SAT, …

Individual settles case of alleged fraudulent trading with Sebi by paying over Rs 2.3 crore
5 years, 4 months ago

Individual settles case of alleged fraudulent trading with Sebi by paying over Rs 2.3 crore

India TV News  

An individual has settled with markets regulator Sebi a case of alleged fraudulent trading in IPOs of IDFC, Sasken and Suzlon by paying over Rs 98 lakh as settlement charges and disgorging over Rs 1 crore of unlawful gains. It was alleged that a group of financiers provided finance to key operators towards making multiple applications in the IPOs and …

Madras HC issues notice to SEBI, MCA, ED in NSE co-location case
5 years, 5 months ago

Madras HC issues notice to SEBI, MCA, ED in NSE co-location case

India TV News  

The Madras High Court has admitted a Public Interest Litigation filed by the Chennai Financial Markets and Accountability in the National Stock Exchange co-location case and issued notices to the SEBI, the Ministry of Corporate Affairs, the CBI, Enforcement Directorate and the NSE. The order copy dated September 27 also said that the PIL brought to the knowledge of the …

Withholding of dividends: SAT asks SEBI to probe market norms violation by Vedanta-owned Cairn India
5 years, 7 months ago

Withholding of dividends: SAT asks SEBI to probe market norms violation by Vedanta-owned Cairn India

Firstpost  

In 2017, the UK based firm had approached the regulator over non-payment of dividend amounting to over Rs 340 crore by Cairn India. New Delhi: The Securities Appellate Tribunal has directed markets regulator SEBI to look into the alleged violation of market norms by Cairn India, a subsidiary of Vedanta, with regard to withholding of dividends payable to Cairn UK …

SAT stays Sebi ban on NDTV promoters Prannoy and Radhika Roy; next hearing on 16 September
5 years, 9 months ago

SAT stays Sebi ban on NDTV promoters Prannoy and Radhika Roy; next hearing on 16 September

Firstpost  

Sebi had said the Roys had kept minority shareholders in the dark about loan agreements that they had entered. Mumbai: NDTV promoters Radhika and Prannoy Roy Tuesday secured an interim stay from the Securities Appellate Tribunal against the Sebi order that banned them and the holding company of the news channel from the securities market for two years. Coming down …

Sebi told FHL to recover ₹403 cr from Singh brothers, company tells HC
5 years, 10 months ago

Sebi told FHL to recover ₹403 cr from Singh brothers, company tells HC

Live Mint  

Fortis Healthcare Ltd informed the Delhi High Court that Sebi has asked it to to recover ₹403 crore from former Ranbaxy Laboratories Ltd promoters Malvinder and Shivinder Singh, who allegedly diverted funds of FHL and its subsidiary Fortis Hospital Ltd. FHL made the submission in a recent affidavit filed in an ongoing case by Japanese drugmaker Daiichi Sankyo against the …

SC Directs Sahara Chief Subrata Roy To Appear Before It On Feb 28
6 years, 1 month ago

SC Directs Sahara Chief Subrata Roy To Appear Before It On Feb 28

Live Law  

The Supreme Court Thursday directed Sahara group chief Subrata Roy to appear before it on February 28 for failing to deposit Rs 25,700 crore in the SEBI-Sahara case for returning investors' money.The apex court said six months were given to Sahara by its last order to arrange the amount but what has transpired during the period has not inspired the …

SEBI tells Sahara India Commercial Corp to refund over Rs 14,000 cr raised via OFCDs with 15% interest to investors
6 years, 4 months ago

SEBI tells Sahara India Commercial Corp to refund over Rs 14,000 cr raised via OFCDs with 15% interest to investors

Firstpost  

New Delhi: In a fresh crackdown on Saharas, regulator SEBI has found another group firm to have raised over Rs 14,000 crore in violation of rules and has ordered the company and its then directors including Subrata Roy to refund the money with 15 percent annual interest. In her 54-page order, SEBI’s Whole Time Member Madhabi Puri Buch said the …

No takers for Aamby Valley, liquidator tells Supreme Court
6 years, 8 months ago

No takers for Aamby Valley, liquidator tells Supreme Court

Live Mint  

The court had, in April, permitted Sahara Group to sell any land parcel in Aamby Valley, carved out under a Bombay high court official liquidator’s plan, and deposit the proceeds into the Sebi-Sahara account by 15 May in order to avert the auction scheduled to be held on 2 June. The plan of the official liquidator of the Bombay HC …

SC gives nod for auction of Aamby Valley assets
6 years, 10 months ago

SC gives nod for auction of Aamby Valley assets

Live Mint  

New Delhi: The Supreme Court on Wednesday gave the go-ahead to the auction process for the Sahara group’s Aamby Valley properties after it failed to deposit Rs750 crore in the Sebi-Sahara refund account by the 15 May deadline. A three-judge bench headed by Chief Justice Dipak Misra was informed by Vikas Singh, counsel for Sahara chief Subrata Roy and the …

Securities Appellate Tribunal stays Sebi order of winding up Sahara MF
6 years, 11 months ago

Securities Appellate Tribunal stays Sebi order of winding up Sahara MF

Firstpost  

In an order passed last week, the Securities and Exchange Board of India had asked Sahara Mutual Fund to wind up all its schemes. New Delhi: Embattled Sahara Group on Friday said the Securities Appellate Tribunal has stayed an order from markets regulator Sebi which directed Sahara Mutual Fund to wind up its schemes. “Sahara gets a major reprieve today …

Supreme Court gives Sahara till 15 May to sell part of Aamby Valley
6 years, 11 months ago

Supreme Court gives Sahara till 15 May to sell part of Aamby Valley

Live Mint  

New Delhi: The Supreme Court on Thursday permitted the Sahara Group to sell a part of its flagship property, Aamby Valley in Maharashtra, and deposit the proceeds into the Sebi-Sahara account by 15 May. The court said that if Sahara is unable to raise money to pay its dues, it would proceed with the plan submitted by the Bombay HC …

Sebi directs Sahara Mutual Fund to wind up all its schemes by 27 July, asks firm not to accept new investors
6 years, 11 months ago

Sebi directs Sahara Mutual Fund to wind up all its schemes by 27 July, asks firm not to accept new investors

Firstpost  

New Delhi: Markets regulator Sebi on Wednesday asked Sahara Mutual Fund to wind up all its schemes. However, the fund house has been allowed to continue its Sahara Tax Gain Fund’ till 27 July but without accepting any new investor. In its submission to Sebi, Sahara MF said that implementation of the timelines specified in the July order could lead …

SEBI Moves Contempt Plea Against Sahara For Obstructing Aamby Valley Auction
7 years, 5 months ago

SEBI Moves Contempt Plea Against Sahara For Obstructing Aamby Valley Auction

Live Law  

The Securities and Exchange Board of India on Tuesday moved the Supreme Court with a contempt petition against Sahara group for allegedly obstructing the board from carrying out the auction of Aamby Valley property in Pune, as directed by the court.Mentioning for an urgent hearing of the contempt plea, SEBI counsel Pratap Venugopal informed the bench headed by Justice Ranjan …

Sahara case: Aamby Valley sees just 2 potential bidders; Rs 37,392 cr auction on 10, 11 Oct
7 years, 6 months ago

Sahara case: Aamby Valley sees just 2 potential bidders; Rs 37,392 cr auction on 10, 11 Oct

Firstpost  

No single real estate player in India will be financially in a position to buy the “ultra- exclusive chartered city” as the sector is undergoing a cash crunch now Mumbai: Only two potential bidders are believed to have shown initial interest for embattled Sahara group’s super luxurious Aamby Valley resort town, which has been put up for a Supreme Court …

Rejecting Roy’s Plea, SC Goes Ahead With Aamby Valley Auction [Read Order]
7 years, 6 months ago

Rejecting Roy’s Plea, SC Goes Ahead With Aamby Valley Auction [Read Order]

Live Law  

In a huge setback to Sahara group chief Subrata Roy, the Supreme Court today said the auction of Aamby Valley will proceed as per the court’s April order and rejected his plea to put it on hold.The three judge special bench headed by Chief Justice Dipak Misra directed the registrar general of the Bombay high court to be personally present …

SC rejects Sahara chief Subrata Roy's plea seeking two months' extension to deposit Rs 966 cr
7 years, 6 months ago

SC rejects Sahara chief Subrata Roy's plea seeking two months' extension to deposit Rs 966 cr

Firstpost  

The Supreme Court on Monday rejected Sahara chief Subrata Roy’s plea seeking two more months to deposit Rs 966.80 crore of the remaining Rs 1,500 crore, saying he was trying to treat the apex court as “a laboratory” to play with the law. New Delhi: The Supreme Court on Monday rejected Sahara chief Subrata Roy’s plea seeking two more months …

Sebi-Sahara case: Amby Valley put up for auction by HC, reserve price Rs 37,392 crore
7 years, 7 months ago

Sebi-Sahara case: Amby Valley put up for auction by HC, reserve price Rs 37,392 crore

Firstpost  

Royale Partners Investment Fund, a Mauritius-based investor, said it has offered to invest $1.67 billion in the Sahara group’s Aamby Valley project Three days after a Supreme Court directive, the Bombay High Court on Monday put up the beleaguered Sahara Group’s prestigious Aamby Valley city in Lonavala for a public auction even as a Mauritius-based fund seems to have evinced …

SC Refuses To Stay Auction Of Subrata Roy's Aamby Valley
7 years, 7 months ago

SC Refuses To Stay Auction Of Subrata Roy's Aamby Valley

Live Law  

Supreme Court today declined to stay the auction of Aamby Valley, Sahara Group’s posh property.During the hearing before a bench headed by justice Dipak Misra senior advocate Kapil Sibal, appearing for Roy, said that the auction process should be put on hold till September so that his client could arrange the Rs 1,500 crore to be deposited into Sebi-Sahara account.After …

Jolt to Subrata Roy: Supreme Court rejects Sahara's plea to stall Aamby Valley auction
7 years, 7 months ago

Jolt to Subrata Roy: Supreme Court rejects Sahara's plea to stall Aamby Valley auction

Firstpost  

In a jolt to Sahara chief Subrata Roy, the Supreme Court rejected his plea to put on hold the auction process of the group’s Aamby Valley property in Pune New Delhi: In a jolt to Sahara chief Subrata Roy, the Supreme Court on Thursday rejected his plea to put on hold the auction process of the group’s Aamby Valley property …

Sahara: Subrata Roy Urges SC To Put On Hold Auctioning Of Aamby Valley
7 years, 7 months ago

Sahara: Subrata Roy Urges SC To Put On Hold Auctioning Of Aamby Valley

Live Law  

Sahara chief Subrata Roy today requested the Supreme Court to put on hold the auction process to sell the group's Rs 34,000-crore worth Aamby Valley property by the official liquidator of the Bombay High Court.On July 25, the bench had asked the official liquidator of the Bombay High Court to proceed with the publication of sale notice with regard to …

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