Subrata Roy to stay put in jail orders SC

The Supreme Court today on May 06, 2014, rejected the plea from Sahara boss Subrata Roy challenging the March 4 order by the court that has send him to judicial custody for not complying with the order to return investors money by routing it through SEBI. The failure of Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited to comply with returning investors’ Rs. 24000 crores that they had collected through OFCDs. Roy will continue to remain in custody as the court has asked his counsel to make a revised proposal to return investors’ money to secure his release. Dismissing Roy’s plea, the apex court bench of Justice K.S. Radhakrishnan and Justice K.S. Khehar said that there is “no merit and same is dismissed”. The apex court also asked Roy’s counsel to submit a fresh proposal to refund investors. The bail plea of jailed Sahara Group chief Subrata Roy was rejected on grounds that its two group firms did not give genuine documents in the debenture case. The court also censured the Sahara group for abusing the legal process in the...

Sahara boss Subrata Roy fights on

The curious case of Indian businessman Subrata Roy of the Sahara conglomerate continues unabated with the boss still lodged in Tihar jail. This is the reaction of the court’s order pertaining to a case filed by an officer of the Enforcement Directorate investigating the telecom scandal alleging that he was being blackmailed by the two journalists, supposedly at their employer Subrata Roy’s behest. This alleged blackmail came close on the heels of Roy having been issued summons by the directorate under the Prevention of Money Laundering Act 2002. It was just the beginning of a bitter legal battle being faced by Subrata Roy who owns Sahara. In the latest development in the case the Supreme Court of India on Monday, March 31, 2014, issued a notice to Roy and the two journalists at Sahara Samay, his Sahara India group’s television news channel for having allegedly hindered in a federal investigation of a telecom corruption scam involving the wrongful allocation of 2G spectrum. Earlier the Supreme Court had barred Roy from leaving the country or selling any of his group’s properties in an ongoing case between Roy and Securities and Exchange Board of India, the stock market regulator which was has dragged the group to court for wrongfully collecting public funds via debentures. The travel ban came after two Sahara companies failed to deposit property title deeds worth $3.9 billion with SEBI as had been directed by the...

Subrata Roy of Sahara Goup granted bail

The boss of Sahara conglomerate, Subrata Roy was finally given a release order for interim bail by the Supreme Court of India as he is languishing in a Delhi jail since March 4, 2014 after having been arrested in Lucknow from his palatial residence on February 28. Roy is to be released from his current custody only after the Sahara Group pays up Rs. 5000 crores in cash and a bank guarantee amounting to Rs. 5000 crores for Sebi. Sahara Group’s lawyers have asked the court to grant them access to the frozen bank accounts of the and are group expecting a decision from the court by today, Thursday, March 27. Roy has been given bail only to raise money to pay Sebi the refund for investor money from depositors in questionable bonds. Justices K.S. Radhakrishnan and J.S. Khehar granted bail to two directors of the Sahara Group Ravi shankar Dubey and Ashok Roy Choudhury...

Sahara to deposit a hefty sum

A size able amount is to be paid by Sahara for the freedm of their chief Subrata Roy. After his arrest as per the orders of the Supreme Court, Sahara has guaranteed deposition of a considerable amount out of Rs. 20,000 crores of investors’ money by March. The apex court has asked SEBI to look into the offer of Sahara. The company also appealed for sending their boss Subrata Roy and two other directors to police custody from judicial custody. Roy is currently lodged at a high-security Tihar jail cell where he is just another prisoner. Roy heads the Sahara India Pariwar which is the biggest private sector employer in India currently. He sleeps on the floor and eats jail food. Visitors are allowed only twice a week from the list of ten having been submitted at the time of...

Sahara chief Subrata Roy in deep trouble

65-year-old Sahara boss Subrata Roy had pleaded for an unconditional apology to the Supreme Court of India in an unbelievable show of defiance for his non-appearance in a contempt case. He had also asked for revoking the non-bailable arrest warrant that had been issued by the apex court of India against the Sahara chief asking the Uttar Pradesh police to take him into custody. These are the expected fallout of the company’s rebuff to pay back a mammoth sum of 20000 crores in their possession as invested by depositors notwithstanding direct instructions to do so. Subrata Roy also stated that he be allowed to stay at his palatial home called Sahara Shahar at Lucknow. Lastly but nor in the least the head of Sahara also guaranteed his presence in court on March 4. It was a totally unprecedented and unexpected move that has resulted in a turn of events due to the persistence of the Supreme Court of India to reject all of his pleads while asking the UP police to effect his arrest immediately. The court has also decided to order him to be kept in police custody till March 4, the day of hearing. After the day long high excitement at the hearing created by Subrata Roy’s noticable absence, Roy finally surrendered today morning at his extensive residence Sahara Sahar having evaded arrest for the last two days. In a high security environment Roy was finally taken to a Lucknow court which remanded him to police custody till being produced before the Supreme Court bench. His convoy had left the Sahara Shahar from a rear exit to spare the glare of the media who were lying outside the gates waiting since today morning. Chief Judicial Magistrate Anand Kumar Yadav had presided over the Lucknow court where Roy had been produced earlier today evening. The police had earlier drawn a blank after having searched for him in every nook and corner of his sprawling residence. The residence is spread across seventy acres besides the Gomti river at Lucknow. The entire residential complex comprises of an auditorium, a lake, air strips and a residence for the Roys. The Sahara Shahar is a huge white building whose front gate has a reception. The visitors are only allowed inside after their name and purpose of visit are duly recorded. However outside cars are not allowed inside the complex and have to be left behind parked outside the area. The entire episode is a revelation of the power the police and judiciary...