Companies & Sectors
SC asks Sahara about date of refund, also issues notice contempt notice

The apex court while directing two companies of Sahara group to inform about the date to refund investors' money also issued contempt notice on a petition filed by SEBI against the Subrato Roy-led companies

The Supreme Court on Wednesday issued a fresh contempt notice to Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd for not complying with its order directing the deposit of over Rs24,029 crore raised by issue of optionally fully convertible debentures.


The bench comprising judges KS Radhakrishnan and JS Khehar also asked the companies to give a definite date by which they can refund the money to its investors.


Market regulator Securities and Exchange Board of India (SEBI) had filed the petition against the two Sahara companies for not obeying the apex court's December order.


Last week, the SC hauled up the Securities Appellate Tribunal (SAT) for restraining SEBI from taking coercive action against the two Sahara group companies for not refunding Rs24,000 crore to investors.


Earlier on 15th March, SEBI had had filed a plea before the apex court, seeking clarificatory directions for implementing orders of the SC. In the five-point plea, SEBI had also asked for civil detention of Subrata Roy and three other Sahara directors and also wants them to deposit their passports with its whole-time member.


 SEBI on 13th February passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts. It had said that in furtherance to a Supreme Court order directing refund of investors’ money collected by the two Sahara group companies, it ordered “attachment of all moveable and immoveable properties, bank accounts and demat accounts of these two companies and that of its promoters and directors Subrata Roy, Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey”.


The assets ordered to be attached included those related to the group’s Aamby Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments.


Passing the attachment orders, SEBI had said that the two companies had raised Rs6,380 crore and Rs19,400 crore, respectively from bondholders and “various illegalities” were committed in raising of these funds.




3 years ago

Sahara has claimed that they have already paid more than the stipulated amount back to the investors.Mr. Mohan Parasaranji, the then Additional Solicitor General of India (and now the Solicitor General) had also expressed his opinion on the query raised by the Ministry of Corporate Affairs that Sahara was right and SEBI wrong.

Uttarakhand: Fresh rains trigger cloudburst, landslides
Due to landslide, the Rishikesh-Badrinath and Rishikesh-Kedarnath highways have been blocked at several places
Fresh incidents of cloudburst, landslides and house collapses were reported in Uttarakahnd after moderate to heavy rains lashed the state on Tuesday and Wednesday.
According to officials at the National Disaster Management and Mitigation centre, cloudburst was reported from Sunali village of Uttarakhand’s Chamoli district this morning. However, there was no report of any human loss or injury. Several houses were hit by mud and slush brought over by the landslides in Sunali.
The rains also triggered landslides in Tefna and Tirfaq villages due to which several houses collapsed. Due to landslide, the Rishikesh-Badrinath and Rishikesh-Kedarnath highways have been blocked at several places.
A team has been rushed to the spot to have a detailed account of the situation there. The affected families are being shifted to safer places, the officials said.
The administration is making efforts to open the blocked routes.
Due to continuous rains, the water level in several rivers including Ganga, Yamuna, Kali, Gori and Sharda is increasing and the situation is being monitored by the authorities, the officials said.


Salman Khan pleads not guilty as Court frames charges
Under Section 304(2) of the IPC for culpable homicide not amounting to murder in the hit-and-run case, Salman may face a jail term of up to 10 years
A Sessions Court in Mumbai on Wednesday framed charges against actor Salman Khan for culpable homicide not amounting to murder in the hit-and-run case for which he may face a jail term up to 10 years, setting the stage for trial. Salman, however, pleaded not guilty to all these charges.
Clad in a grey shirt and black trousers, Salman appeared before sessions Judge UB Hejib, who on 19th July had summoned the actor today for framing of charges for starting afresh the trial in the 11-year-old case.
At the beginning of the proceedings, the judge expressed his inability to take up the case for framing the charges as he has been transferred.
However, prosecutor Shankar Erande pleaded that charges should be framed today itself as the actor was going abroad for two months which could further delay the trial.
At his request, the judge read out the charges to Salman, who pleaded not guilty to all.
Apart from section 304(2) (culpable homicide not amounting to murder), the Bollywood superstar was also charged under sections 279 (causing death by negligence), 337 (causing hurt by an act), 338 (causing grievous hurt), 427 (causing damage or mischief to property) of IPC, and provisions of Motor Vehicles Act and Bombay Prohibition Act.
One person was killed and four others were injured when the Land Cruiser, allegedly driven by Salman Khan, crushed a group of people sleeping on the pavement outside a bakery in suburban Bandra on 28 September 2002.
The actor moved an application seeking exemption from personal appearance during the trial, which was granted. He was, however, directed to be present before the court whenever required.


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