n18
Menu
NEWS|Business 
   |

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.

Mallya calls it a day in Rajya Sabha, quits House to escape expulsion

from firstpost

Mallya calls it a day in Rajya Sabha, quits House to escape expulsion

Right before disappearing into ignominy after a damning report by a Rajya Sabha panel for defaulting on loans to the tune of Rs 9,000 crore to various Indian banks, Kingfisher Airlines chairman Vijay ...


Sparkles, India's Leading Jewellery Brand, Launches its E-commerce Store

from in.com

Sparkles, India's Leading Jewellery Brand, Launches its E-commerce Store

Sparkles, a leading jewellery brand in India, has launched an e-commerce website www.sparklesindia.com.

Blueair Calls for ‘Clean Air Zones’ Targeting High-Polluting Vehicles in India

from in.com

Blueair Calls for ‘Clean Air Zones’ Targeting High-Polluting Vehicles in India

Cities and towns in India should establish ‘clean air zones’ to target high-polluting vehicles to help ensure they do not enter city centres, says Blueair, a global leader in mobile indoor air purifying technologies.

ixigo Introduces Outstation Cab Booking with Reverse Bidding Model

from in.com

ixigo Introduces Outstation Cab Booking with Reverse Bidding Model

Aggregators & taxi vendors compete to offer lowest outstation cab fare

VERO MODA Launches the New Deep Desert Collection

from in.com

VERO MODA Launches the New Deep Desert Collection

This summer, VERO MODA’s #TRENDYVEROMODA campaign brings you fast fashion, straight from the international runways. Basis this campaign, the brand highlights one key summer trend inspired by international fashion every single week! And this upcoming week, is all about the Deep Desert Collection!

Amazon.in Brings Three More International Brands to India

from in.com

Amazon.in Brings Three More International Brands to India

Expands International Brands selection by adding Bjorn Borg, Drunknmunky, Rockland luggage and also launches Replay

Third U-turn in 2 months: Govt increases EPF rate to 8.8 percent bowing to trade union pressure

from firstpost

Third U-turn in 2 months: Govt increases EPF rate to 8.8 percent bowing to trade union pressure

The government was forced to take a U-turn on the Employee Provident Fund (EPF) issue yet again on Friday when it increased the rate to 8.8 per cent from 8.7 per cent decided earlier. The Central Boar...