Sebi-Sahara: A Long Battle

Nov 2010: Sebi passes interim order against two Sahara group firms - Sahara India Real Estate Corp and Sahara Housing Investment Corp - for raising money through OFCDs without approval

June 2011: Sebi directs the two Sahara group firms to refund Rs 24,000 crore to investors

Oct 2011: SAT upholds Sebi's order against the two Sahara entities

Nov 2011: Sahara challenges SAT order in SC

Aug 2012: SC directs Sahara to refund Rs 24,000 crore to 30 million investors through Sebi

Nov 2012: Sahara misses deadline for handing over Rs 24,000 cr to Sebi; Sebi files criminal complaint

Dec 2012: SC gives Sahara more time; asks the group to pay Rs 5,120 cr immediately and the rest in two installments by

February 2013. Later, Sahara claims only Rs 2,620 crore is left to be refunded

Jan 2013: SC raps Sebi for not taking action against Sahara

Feb 2013: Sebi issues order to attach properties of Sahara group

May 2013: Sebi begins repayment process to Sahara investors who give proof

Aug 2013: SC says Sahara group's claims of having refunded a substantial sum is "extremely difficult to believe"

Sep 2013: Sahara says Sebi has distributed less than Rs 2 lakh to investors, despite the fact that it had deposited Rs 5,120 crore

Oct 2013: SC asks Sahara to provide bank guarantee for Rs 20,000 crore. Later, it bars Sahara chief Subrata Roy from leaving the country without its permission

Dec 2013: SC asks Sahara firms to explain the source of money they claimed to have refunded to investors

Feb 2014: SC issues non-bailable warrant against Roy after he fails to appear before it