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...

Subrata Roy’s lawyer requests SC to specify its order

Subrata Roy has been lodged in Tihar since March 4 this year. In an unmatched step Sahara boss Subrata Roy’s counsel asked the Supreme Court bench to stipulate the conditions of the order issued on April 30, 2014 regarding Sahara’s proposal of depositing Rs. 10,000 crores. Senior advocate Rajeev Dhavan’s plea left the bench of Justices K S Radhakrishnan and J S Khehar which had reserved the order on Roy’s proposal on April 21, flabbergasted. Dhawan wanted to make certain if the apex court of India agreed to the proposal failing which they would work out an alternative proposal in time as the rising summer heat had begun to take its toll on the health of Roy who is not used to the sans luxury environment prevailing at Tihar jail. Roy’s release was arranged in exchange of deposition of Rs 10,000 crores as part payment of the Rs 20,000 crores which is due from Sahara Housing and Sahara Real Estate as per the court’s August 31, 2012 judgment. The Sahara group has so far deposited only Rs 5,120 crores of the huge due. In the meantime since Roy has been lodged in Tihar a number of proposals have been put forward to the bench regarding payment of the due sum but has been rejected. The court also stated its concern about people who have been trying to grab the spotlight by their acts of throwing ink on famous people and the punishment handed over for curbing such rampant incidents. Dhawan suggested that the apex court could allow a separate entry point for those to be produced before the court so that the accused are protected from such onslaughts by...

Sahara makes fresh offer for Subrata release

Fresh offers were received by the Supreme Court of India on April 17, Thursday for the release of Sahara group chief Subrata Roy still lodged in Tihar jail. In the fresh offer complying with the Supreme Court’s direction to deposit Rs 10,000 crore for Roy’s release from judicial custody Sahara has arranged for payment of Rs 2,500 crore within three working days. They have agreed to further pay Rs 2,500 crore and the bank guarantee of Rs 5,000 crore within the next 60 days. The proposal also asked for immediate release of Roy and lifting of freeze on the accounts of SIRECL and SHICL. The apex court commented that the fresh proposal made by counsel Rajiv Dhawan would be considered on April 21, Monday. Earlier the court had through its twin orders on Aug 31, 2012 and Dec 5, 2012 asked Sahara companies SIRECL and SHICL to return investors money amounting to Rs 24,000 crore through market regulator Sebi. Sahara had deposited Rs 5,120 crore with Sebi bearing an enormous Rs 19,000 crore as outstanding as on date. Hearing in Supreme Court will continue only...

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...