New Revised Statement of Advocate Gautam Awasthi on 28th November 2014

The Saharas had filed applications seeking permission of the Hon’ble Supreme Court for taking over of the loan of Bank of China relating to three foreign properties. The Saharas will also be raising a loan of US$650 million on the foreign properties for being utilized for the payment in SEBI-Sahara Refund Account in compliance of the order dated 26.3.2014. The court, on the insistence of SEBI, has asked Saharas to show the ESCROW agreement with respect to the junior loan of US$650 million and once SEBI gives a no objection and the money is transferred in the ESCROW account, the Hon’ble Court will permit the taking over of the loan from Bank of China and raising of the junior loan. The Hon’ble Supreme Court was also shown the agreements of sale with respect to domestic properties. The...

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Suresh Raina Joins ‘U P Wizards’ - the Hero Hockey India League’s Lucknow Franchise

Lucknow, 17 November 2014: Mr. Suresh Raina, the ace cricketer, today joined the Hockey India League (HIL) franchise team - Uttar Pradesh Wizards as its co-owner. The announcement of his association was made by Mr. Abhijit Sarkar of Uttar Pradesh Wizards in an event held at Sahara Shaher, Lucknow in the presence of Mr. Suresh Raina. Born in Ghaziabad, Mr. Raina has represented Uttar Pradesh at all levels in cricket. Speaking on the announcement of the association with Uttar Pradesh Wizards, Mr. Suresh Raina said, “It is a memorable day for me because today I am immensely proud to be associated with the national sport of our country, hockey,...

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RBI, SEBI and ROC come under CBI scanner in Saradha chit-fund scam

Kolkata: Investigation into the multi-crore Saradha chit-fund scam is likely to tighten the noose around senior officials of Reserve Bank of India (RBI) and SEBI. Reports suggest that CBI will soon examine some RBI, SEBI and ROC officials in connection with the Saradha ponzi scam.   "The examination will be aimed at understanding the circumstances and seeking clarification about documents," an official said.   A report in The Indian Express says that the investigating agency has mentioned the role of senior officials of SEBI, ROC, and RBI in the scam.   It is pertinent to point out that CBI has already examined two executive directors and one ex-executive director of SEBI during its probe into the scam.   The agency has already filed a 25-page...

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MS Dhoni is the new Franchisee owners for Ranchi team of Hero Hockey India League alongwith Sahara India Pariwar

Names the team ‘Ranchi Rays’ Ranchi, 25 October 2014: Hockey India League today announced Captain of India Cricket Team, MS Dhoni in support of Sahara India Pariwar as the new franchisee owners for the Ranchi team. Coining the team Ranchi Rays, MS Dhoni was himself present for the announcement conference held in Ranchi today alongwith Mr. Abhijit Sarkar, Head-Corporate Communications, Sahara India Pariwar & Director - Sahara Adventures Sports Ltd and Dr. Narinder Batra, Chairman, Hockey India League. Speaking on the announcement Hero Hockey India League Chairman Dr. Narinder Batra said, “This is a great moment for Hockey India...

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Sebi fails to find investors, Sahara case gets complicated

NEW DELHI: With Sebi failing to find the investors of two Sahara funds — Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) — the strange case against Sahara chief Subrata Roy and two Sahara directors has turned stranger. Sebi's case rests on its claim that Sahara has not refunded Rs 20,000 crore of investor money. And yet, despite advertisements in papers and other strenuous efforts, the market regulator has not been able to find investors of more than Rs 10 crore.  This can mean only one of two things — either bulk of the Sahara investors are fictitious entities or the claim of Sahara that it has already repaid 90% of investors of these two funds is true. If the Sahara investors are fictitious, Sebi doesn't really have a role as...

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4,600 Sahara investors claim refund from Sebi

NEW DELHI: Around 4,600 investors in two Sahara group companies have come forward to claim refunds from the Securities and Exchange Board of India (Sebi), which had asked those who had purchased bonds issued by the entities to claim their money. Sources familiar with the development told TOI that the average claim is to the tune of Rs 20,000, resulting in a total demand of under Rs 10 crore. The low demand will bolster Sahara's argument before courts that it had repaid most of the investors who had come forward to claim the investment they had made in bonds issued by two group companies — Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL). In August, Sebi had asked investors to submit refund applications with documentary...

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Legal debate over Subrata Roy's detention gathers pace

NEW DELHI: It's been over six months that Subrata Roy, the flamboyant chief of Sahara, has been in Delhi's Tihar jail. In the meantime, the hopes of his release have risen and ebbed. And as the days go by, it is becoming uncertain when he will be able to furnish Rs 10,000 crore to Sebi — a pre-condition set by the Supreme Court for his release.  Company sources say that it's not that the company doesn't have the money. The issue is Roy's current predicament. "The entire world knows that he's being forced to make distress sales to raise this amount and so he is getting badly discounted offers for his valuable overseas properties. Now, which businessman wants to sell his jewels at throwaway prices," said a company executive.  Roy's case — and along with him that of two other Sahara...

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Ambay Valley becomes India’s first City to get ‘ISO 50001:2011 Energy Management System Certifications’

Mumbai, 26th September, 2014: Ambay Valley, the first planned Hill City of Independent India which always believed in achieving new heights and setting new trends, has now become India’s first city to receive ‘ISO 50001:2011 Energy Management System Certifications’.  The ISO certification has been awarded to Ambay Valley for its energy management systems and its endeavors of environment conservation especially at the time when the country is striving to achieve round the clock power supply for everyone. The certification is a testimony of Ambay Valley’s robust energy management system (EnMS) to use energy more efficiently. The...

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Sahara’s Plaza property world’s 2nd most popular hotel for uber-rich: Survey

New Delhi: The Sahara group's iconic hotel The Plaza, New York, figures among the top 10 hotels in the world for multi-millionaire visitors in 2014, a survey said. The Plaza is the second most preferred hotel for the uber-rich people globally, said the survey by New World Wealth. It was based on a sample of 450 multi-millionaires. The Plaza, which is jointly owned by Sahara Group and Kingdom Holdings, a Saudi Arabia-based corporation, had 3,700 multi-millionaires in the 12 months to June 2014, second only to The Bellagio in Las Vegas, which received as many as 6,400 multi millionaires. "The Plaza's high place on the list is impressive...

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Sahara's The Plaza 2nd most popular hotel for the uber-rich

Sahara group-owned, The Plaza in New York city is the second most preferred hotel for the uber-rich people globally, said the survey by New World Wealth. The Sahara group's iconic hotel The Plaza, New York, figures among the top 10 hotels in the world for multi-millionaire visitors in 2014, a survey said. The Plaza is the second most preferred hotel for the uber-rich people globally, said the survey by New World Wealth. It was based on a sample of 450 multi-millionaires. The Plaza, which is jointly owned by Sahara Group and Kingdom Holdings, a Saudi Arabia-based corporation, had 3,700 multi-millionaires in the 12 months...

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Blessings for Saharshri on His Birthday as He Battles Legal Woes

A human-being is very dominating. He is born with the different traits. So a high density of population creates all kinds of confusions, people lose their peace of mind because everybody desires a good existence. There are very few companies in India that have revolutionized & developed India like Sahara India Pariwar. Shri Subrata Roy Sahara is a visionary in the true sense of the word – with a vision that transcends all boundaries and defies all conventional business norms. For a man who has created a mega corporate empire, his fundamentals are totally different from standard managerial practices and norms. Sahara can be defined as a...

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Sahara SEBI Issue – Statement from Keshav Mohan, Advocate

We are disappointed with the judgment that has been delivered by the Hon’ble Supreme Court earlier today. We are still in the process of reading and understanding the judgment. The voluminous evidence that we have already submitted to substantiate our stance may have possibly been misunderstood. We maintain that we have already refunded to 93% of our investors. Most of the payments made were in cash, as per the RBI norms and in accordance with SEBI and SAT orders. In addition to ledger entries, we had also submitted original vouchers, receipts and other concerned documents in original being physical proof of the payments and are with SEBI pending verification. We expect to return to the Hon’ble Court in the near future with further evidence of our compliance of the Hon’ble Court’s previous...

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KUNAL DESHMUKH: (WITH) THE LOINS OF PUNs & JABs..!!!

Oh dear! Excuse the typo error. I meant the Lions of Punjab since I am personally & always immensely impressed with men of courage, wisdom and vision. Somehow my title went into sounding into an innuendo.  I will choose the liberty of thinking that perhaps those with a sense of humour would enjoy this inconsequential comedy of errors! Infact, I do think that I posses a rather healthy and liberal sense of humour. What is life without a hearty laugh and comical twists of absurd yet funny incidents? Pick up the newspaper and it will tickle your mind with some of the most bizarre & fantastical stories you will ever hear or read. I must say our new breed of journalists have learnt to grow a funny bone and have taught us the same. Interestingly our new age news makers don’t fail...

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Column: Why is Sebi finding it difficult to track Sahara investors?

Arun Kejriwal The imbroglio involving the Securities and Exchange Board of India (Sebi) and Subrata Roy-led Sahara Group is not a simple case of money being taken and not returned to investors; neither is it a shady deal like the Saradha scam. The Reserve Bank of India (RBI) had overseen the refund of over Rs 22,000 crore to about 40 million Sahara investors by a handpicked committee a few years ago. Neither the committee faced the problem of identifying investors nor it doubted their existence. Certainly, the apex bank has greater knowledge of investors, and a refund of this amount of money to such a large base...

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SAHARA SEBI: IMAGINE !

Let’s Imagine! Imagine Charlie Chaplin not being the legendary comedian that he was. Or Arnold Swarzeneger not the action icon we all know him as. Imagine Sachin Tendulkar not being the celebrated cricketer but a regular 9 to 5 school teacher or if electricity was never invented. What would it be like if Newton had never discovered the Law of Gravity or Einstein had not made those elaborate inventions?  What if Elvis continued driving trucks or Satyajit Ray wasn’t an illustrious story teller? Difficult and rather unfamiliar and absurd hypothesis! Would these people be still famous, brilliant and celebrated if they were not in their chosen professions? What would have our lives been like in the absence of these people or their world changing contributions to humanity? The answer can...

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SAHARA - SEBI: THE MURDEROUS POUND OF FLESH

As funny as it may appear but the Sahara Sebi issue strangely reminds me of Shakespeare’s “Merchant of Venice”. For those who did not comprehend the context, I’ll draw the parallel for you. SEBI disguised as the vindictive, devious Shylock, drags Antonio (in this case Sahara) to reinforce his absurd claim to Antonio’s 1 pound of flesh (interestingly the pound of flesh here refers to the approximately 20,000 crores). As readers, we all knew that Shylock was nothing short of killing Antonio in the court of law. A befitting analogy to the Sahara Sebi dispute. As preposterous as the title may sound, the witch hunt against the Sahara supremo, Subrata Roy Sahara, is inches away of being an ill intentioned corporate honour killing in progress by the highest authorities perched...

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VIEW & COUNTER-VIEW SAHARA-SEBI STANDOFF

The Supreme Court is set to hear Sahara chief Subrata Roy’s petition on Tuesday. Sahara has raised some points over its legal battle with stock market regulator Sebi     Sahara says it has already paid 93% of the investors. Per investor average deposit is of 8,400. Hence, it can be repaid in cash as per law     In last 17 months, Sebi repaid only 1 cr and is holding 5619 cr (including interest), argues Sahara     No verification process has been started by Sebi in the last 17 months, disobeying court’s August 31, 2012 order, the company says     Sahara...

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Statement from Shri Smanto R Roy, Executive Director, Sahara India Pariwar

At a Press Conference on 28th February, 2014 Good Morning Everybody On behalf of the Sahara India Pariwar, We welcome you all We are meeting at a time when our organization has been very wrongly interpreted and presented in public against the backdrop of the ongoing Sahara – Sebi case. As the matter is Sub-judice, we cannot bring forward many things pertaining to the case but being an organization like Sahara India Pariwar with a base of more than crores and crores of investors and having kartvyayogis in tune of 12 lakh, we feel it is our moral right and duty to come forward and dispel some misconceptions which are being created by parties having vested interest in the dust of ongoing dispute. As you are aware of the happenings in this case and the developments of last two days,...

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