Sahara Group

The government on Wednesday said money will be returned to 10 crore investors of 4 cooperative societies of Sahara group within 9 months following a Supreme Court order directing transfer of Rs 5,000 crore from Sahara-SEBI refund account to the Central Registrar. Earlier in the day, the Supreme Court allowed a plea by the Centre seeking allocation of Rs 5,000 crore, out of Rs 24,000 crore deposited by the Sahara group with market regulator Sebi, to repay depositors of the cooperative societies. The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms. A bench of Justices M R Shah and C T Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies. The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the bench said. In a ...

The Supreme Court on Wednesday allowed a plea by the Centre seeking allocation of Rs 5,000 crore out of Rs 24,000 crore deposited by the Sahara group with market regulator Sebi to repay its depositors. The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms. A bench of Justices MR Shah and CT Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies. The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the bench said. The Centre had sought money from the SEBI-Sahara Sahara-Sebi escrow account that was formed after the top court in August 2012 directed two Sahara firms -- Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) -- to refund investors.

The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi)

Move follows non-payment of dues amounting to Rs 6.42 crore levied for flouting regulatory norms

Sebi has processed Rs 138 crore refunds to investors of two Sahara companies in a decade, while the amount deposited in specially-opened bank accounts for the repayment has risen to over Rs 24,000 crore. These disclosures have been made by the Securities and Exchange Board of India (Sebi) in its latest annual report. In the absence of claims from a majority of the bondholders of the two Sahara companies, which were asked to return the money to nearly 3 crore investors along with interest in August 2012 through a Supreme Court order, the total amount refunded by Sebi rose by just about Rs 9 crore during the last fiscal, 2021-22, while the balance in Sebi-Sahara refund accounts rose by Rs 1,515 crore during the year. In its annual report, the regulator said that it received 19,650 applications as of March 31, 2022, involving total refund claims of Rs 82.31 crore. Of this, it has issued refunds of Rs 138 crore, including Rs 68 crore as interest, in 17,526 cases. The remaining ...

The High Court (HC) had asked Sahara to convey a plan for refunding the matured deposits of investors

Asserts that by representing the OFCD as pvt placement, issuers deprived subscribers of various measures of investor protection

The Supreme Court set aside a Delhi High Court order staying the Serious Fraud Investigation Office (SFIO) probe into nine companies related to the Sahara group

The Supreme said it would hear plea filed by Serious Fraud Investigation Office (SFIO) challenging the High Court order staying the investigation into nine companies related to the Sahara group.

The Supreme Court scheduled the hearing of a plea challenging a Delhi High Court order staying the investigation into nine companies related to the Sahara Group

A bench of Justices A M Khanwilkar, J B Pardiwala passed the order while taking into account the request made by the Bihar government's counsel who said state needed time to file a counter-affidavit

The high court had also stayed the operation and implementation of two orders of the SFIO for investigation into nine companies related to the Sahara Group

The Patna High Court on Friday issued an arrest warrant against Sahara India chairman Subrata Roy after he failed to appear before it despite repeated summons

The Patna High Court on Thursday took a tough stand against Sahara India chief Subroto Roy after he did not appear before the court.

It also directed that a 'responsible officer' from the market regulator's head office at Mumbai be present in the court on March 28 to answer all the questions posed by it

Sahara maintained that more than 95 per cent of its bondholders investors have already been repaid

The regulator has issued many advertisements asking investors/bondholder to come forward and who have made their claims have already been paid, it said

The case was registered at Kakadeo police station on Sunday

The Securities Appellate Tribunal asked Sahara group firm Sahara India Commercial Corporation Ltd and its then directors including Subrata Roy to deposit Rs 2,000 crore with Sebi within four weeks.

Sahara group Chairman Subrata Roy Sahara has tested positive for coronavirus