Sahara India

Supreme Court gave the Centre four more weeks to reply to Sahara's bid to sell assets - including Aamby Valley and Sahara Shahar - to Adani Properties amid pending dues and refunds

The Supreme Court on Monday deferred by six weeks hearing on Sahara firm's plea seeking its nod to sell properties to the Adani Group as it asked the Centre to also file its response to the note submitted by amicus curiae on the issue. A bench of Chief Justice BR Gavai and Justices Surya Kant and MM Sundresh impleaded the Ministry of Cooperation in the matter after Solicitor General Tushar Mehta, appearing for the Centre, said a lot of cooperative societies were formed by the Sahara Group, which may be affected. Senior advocate Shekhar Naphade, who is an amicus curiae in the matter, submitted a note to the court, saying he has received a lot of objections with regard to the properties sought to be sold by the Sahara group and in particular he has filed objections with regard to 34 properties. Senior advocate Kapil Sibal, appearing for the Sahara Group, said he would like to file a response to the note submitted by the amicus and emphasised that a lot of properties were sold or lease

Sahara told the court that Sebi has been unable to dispose of the attached assets and that its capacity to manage them has weakened following the death of its promoter, Subrata Roy

The Supreme Court on Friday ordered the disbursal of Rs 5,000 crore of over Rs 24,000 crore deposited by Sahara Group with market regulator Securities and Exchange Board of India to repay dues of the depositors of the Sahara Group of Cooperative Societies. A bench of Justices Surya Kant and Joymalya Bagchi allowed an application filed by the Centre seeking allocation of the amount lying in the SEBI-SAHARA refund account for payment to the depositors. The top court also extended the date from December 31, 2025 to December 31, 2026 for disbursal of Rs 5,000 crore to the depositors allocated in 2023. The bench said the order was in line with the March 29, 2023 order where a similar application of the Centre was allowed for allocation of Rs 5,000 crore to repay dues of the depositors of the Sahara Group of Cooperative Societies. The amount of Rs 5,000 crore was directed to be transferred from the SEBI-Sahara Refund Account to the Central Registrar of Cooperative Societies, which was as

Sahara India's regional manager for Madhya Pradesh and Chhattisgarh was arrested on Sunday from Bhopal in connection with an alleged cheating case registered in MP's Sehore district, an official said. According to a police statement, one Rajaram Rathore had filed a complaint in January 2023 against the company's MP-CG regional manager Shivaji Singh, their Sehore branch manager S K Magarde, cashier Yogendra Chaudhary and another employee for allegedly duping him over his deposits. Based on the complaint, the Kotwali police had registered a case under Indian Penal Code sections, including 420 (cheating), and the Madhya Pradesh Protection of Depositors' Interest Act, it added. Considering the seriousness of the case, Superintendent of Police Deepak Shukla directed City Superintendent of Police Abhinandana Sharma and Kotwali police station in-charge inspector Ravindra Yadav to form a team to trace the accused, the statement said. Acting on inputs, the team arrested Singh from MP Nagar

This land was purchased in benami names with funds diverted from Sahara group entities

The Supreme Court on Wednesday directed Sahara India Commercial Corporation Ltd (SICCL) and SEBI to hold a meeting along with two Mumbai-based property consultants to explore the terms and conditions on which Sahara Group's Versova land could be sold to get maximum value to return investors' money. A bench of Chief Justice Sanjiv Khanna and Justices M M Sundresh and Bela M Trivedi issued notices to the Ministry of Environment and Forests and Maharashtra's chief secretary and sought their responses on the status of Versova plot and clarify whether it was a forest land. "After the last date of hearing, we have had several bidders' proposals for the land at Versova. Mr Shekhar Naphade, who is amicus curiae, has submitted a note before us stating that the Versova plot is mangrove forest area either fully or partially. In these circumstances we deem it appropriate to issue notice to the Ministry of Forests and (Maharashtra) chief secretary who shall inform this court about status of the .

The latest web series, hailed as a 'dust-to-diamonds story of maverick businessman Subrata Roy', by filmmaker Hansal Mehta faces backlash as Sahara Group

Here is the best of Business Standard's opinion pieces for today

What are the implications of extending PMGKAY? What led to the rise and fall of Sahara's Subrata Roy? How will the IPO market shape up in new Samvat? What is PMPVTG Development Mission? Answers here

With Subrata Roy's death, a chapter of financial violations, described by many as one of India's biggest Ponzi schemes, comes to an end

Subrata Roy, the founder and chairperson of the Sahara India Pariwar passed away at 75 in Mumbai after a prolonged illness. >

Number of pending notices was up 31% to 2,872 at the end of FY22, from 2,193 the previous year

The High Court (HC) had asked Sahara to convey a plan for refunding the matured deposits of investors

Asserts that by representing the OFCD as pvt placement, issuers deprived subscribers of various measures of investor protection

During the hearing on April 27, the Patna High Court had asked the lawyer of Sahara India to submit a detailed report on how Sahara India will return the money of investors of Bihar

The CBI last week searched the residences of three officers of the Sebi in connection with the Saradha Ponzi scheme

The regulator had appointed a designated authority in 2018 to enquire whether Sahara India Financial violated provisions of Intermediaries Regulations

Group's companies suspected to have diverted a huge amount of money to other subsidiaries after taking collections from depositors.

Sebi had, a year ago, imposed penalty of Rs 600,000 on an individual for violation under the Prohibition of Fraudulent and Unfair Trade Practices