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The Supreme Court on Wednesday issued a non-bailable warrant against Sahara chief Subrata Roy for non-appearance despite a summon. This was in connection with the almost two-year long Sebi-Sahara legal fight, which started in August 2012. The Securities and Exchange Board of India (Sebi) had asked Sahara to refund over Rs 20,000 crore to investors. We bring you the background and timeline of events which led to this ruling. November 24, 2010: Sebi restricts the promoters and directors of two Sahara group companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, from raising any capital through the issue of securities: either equity shares, convertible debentures or any other securities.December 13, 2010: Lucknow bench of Allahabad High Court stays Sebi order January 2011 *SC turns down Sebi’s plea to stop two firms from raising money from investors, but empowers it to seek information and issue advertisements to inform investors that the matter is pending investigation. *Sebi issues a public notice on its website cautioning investors against the buying debentures of Sahara India Real Estate Corp and Sahara Housing Investment Corp. *Sahara India Real Estate sends a legal notice to Sebi.April 2011 *The Lucknow bench of Allahabad High Court vacates stay *Sebi issues a public notice alerting investors about a ban on money mobilisation by two Sahara group firms. *Sahara Group files a petition in the Supreme Court challenging the Allahabad High Court order, which asked it to share full details of investors participating in its fund-raising exercise with Sebi. *Sahara accuses Sebi of defaming the company. May 2011 SC directs Sebi to proceed with its investigation into financial instruments used by two Sahara group companies to raise money from the public.June 2011 Sebi directs Sahara firms to immediately refund the money collected through sales of optionally fully convertible debentures (OFCDs) with annual interest of 15 percent. July 2011 *Sahara appeals in SC that Sebi has no jurisdiction. Seeks notice to Centre. *SC directs Sahara to approach SAT against Sebi order on OFCDs October 2011: SAT upholds Sebi order against Sahara to refund money. November 2011: SC stays SAT order January 2012: SC gives Sahara group companies three weeks’ time to choose between two courses to secure the investments made by the public in the OFCD scheme -- either to give sufficient bank guarantee or attach properties worth the amount. August 31, 2012: A Supreme Court bench of Justice Radhakrishnan and Justice Khehar rules in favour of Sebi and orders the two Sahara companies to return to its OFCD investors the full outstanding amount of over Rs 20,000 crore, alongwith 15 percent interest, within three months. October 2012: Sahara companies file a review petition in the Supreme Court. Sahara claims it sent a truckload of documentation to Sebi within the 10-day limit. But Sebi did not accept it as the documents arrived on the 10th day, after office hours. October 19, 2012: Sebi approaches Supreme Court alleging Sahara’s non-compliance with the main order. November 2012: Sebi files a contempt petition against Sahara claiming it had not furnished the investor documents within the court stipulated time. December 2012: The Sahara Group gets a temporary reprieve from the SC. The apex court grants it more time to repay the money. January 2013: Sahara misses the repayment deadline set up by SC. The company fails to deposit the second installment amount with market regulator. It was required to submit Rs 10,000 crore by January first week. February 2013: SC refuses to hear a plea asking for extension of deadline to refund investors’ money. Sebi moves in to attach properties of the group and group chief. March 2013: Sahara approaches special appellate tribunal against Sebi move to attach properties. Sebi seeks arrest of Roy. Sebi also says most of records provided by Sahara untraceable, implying several accounts were fictional. July 2013: Sebi files a contempt petition against Sahara in SC. Says company flouting SC direction to make refund. November 2013: SC bars Subrata Roy from leaving country. Sahara attacks Sebi, calls it a “sarkari gunda” which is working with political patronage. February 2013: SC issues non bailable warrant against Roy for failing to appear at a court hearing.

Prominent Royal Families Came Together for the Royal Feast by Harpers Bazaar Bride

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Prominent Royal Families Came Together for the Royal Feast by Harpers Bazaar Bride

Celebrating the advent of the regal wedding season, Harper's Bazaar Bride and BMW in association with Gemfields recently concluded Royal Feast, at The Lodhi, New Delhi. Inspired by the November issue of Harper’s Bazaar Bride that curated exclusive content for the bride who wants nothing less than a royal wedding affair, the event brought together the capital’s crème de la crème for an evening of cocktails, conversations, folk entertainment, and a buffet-cum-sit-down dinner hosted by Editor Nupur Mehta Puri.


Expo Indonesia 2016 Held in Mumbai Featured Indonesian Trade, Tourism and Investment Potentials

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Expo Indonesia 2016 Held in Mumbai Featured Indonesian Trade, Tourism and Investment Potentials

The Consulate General of the Republic of Indonesia in Mumbai in continuation to conduct various activities to developing bilateral relations and co-operation between Indonesia and India with the aim to promote the Trade, Tourism and Investment opportunities recently organized a Solo Exhibition entitled “EXPO INDONESIA 2016" at World Trade Centre (WTC), Mumbai on 11th & 12thNovember, 2016.

UCWeb Sets New Trend with Audience Engagement Tool We-Media

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UCWeb Sets New Trend with Audience Engagement Tool We-Media

Forges successful partnerships with Chetan Bhagat for the launch of his new book ‘One Indian Girl’

Kurlon Bags 3 Excellence Awards at the Coir Industry Awards

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Kurlon Bags 3 Excellence Awards at the Coir Industry Awards

Bangalore based Kurlon, India’s largest mattress brand has once again reasserted its supremacy in the Indian Coir Industry by bagging three prestigious awards at the Coir Industry Awards Ceremony held in Ludhiana on October 17, 2016.

Vayam Technologies All Set to Support the Government to Make Digital India a Success

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Vayam Technologies All Set to Support the Government to Make Digital India a Success

After the successful Analytics and Geographical Information System (GIS) supported ‘Health Management Information System(HMIS) of the Ministry of Health & Family Welfare, Government of India (MoHFW), Vayam Technologies is all set to support other government programs which requires effective monitoring and evaluation of the projects aligned with the ‘Digital India’ initiative.

CrazyPrints.in and Icontribute to Distribute Stationery Kits to Make this Diwali Special for Underprivileged Children

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CrazyPrints.in and Icontribute to Distribute Stationery Kits to Make this Diwali Special for Underprivileged Children

India, a developing country stands on 92nd position in terms of literacy rate which is 74.04%. Conscious efforts are being made to build a literate country yet there exists a substantial ratio of the children who are unable to get a basic education.

VitrA Associates with Pentagon Designs for the Masterpiece Called Nest Collection

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VitrA Associates with Pentagon Designs for the Masterpiece Called Nest Collection

VitrA, the leading bathroom solutions brand of Eczacıbaşı Building Products Division in Turkey brings to India the world famous designer- “Pentagon Design”. A leading Nordic design agency from Finland that create holistic concepts that results in user-driven products, packaging, spaces, services and brand experiences that generate delight for consumers and value for their clients.