Notices to Reliance, Sahara 6 other insurance cos for tax violation

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Sahara and Ponzi schemes: what are the Parallels?

The Council learned (i.e. the Sahara counsel), at a point in the entries for me, pointed out that there is no investor complaints of each investor in the OFCDs ... . raised by the two companies. Going through the history of scams on the financial markets around the world, the number of complaints of the investor never has been a good measure or an indicator of the risk to which the investors be exposed. Most major

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Relieved Sahara gets time until February to repay investors

AFP

It is not yet clear how many Sahara has to repay in total, as the regulator, which oversees the process of refund, still is to check the investment documents. After the Court ruling on Wednesday, said Sahara that it was ordered to pay Rs 17400 crore together with interest.

It said in a statement quoting one of her lawyers that the supervisor her outstanding obligation at the bonds be 26.2 billion rupees had certified. Sahara has said that most of the funds to bond investors has already redeemed.

Lawyers for the regulator have the payout to approximately 240 billion rupees plus an interest rate of 15 percent per year estimated.

A copy of the court order Wednesday was not available.

The highest court had asked Sahara in August to deposit the amount with the supervisor of the capital markets. It had also ordered Sahara to detailed documents with the supervisor serve as the no money collected through the forbidden bonds had repaid.

The case was back in court, after the regulator said Sahara had not complied with the order, while Sahara argued the regulator "deliberately refused" to accept of documents and information submitted by it.

The Court granted extra time to Sahara despite objections of the lawyers from the Securities and Exchange Board of India (SEBI), a lawyer for the regulator said.

Sahara, whose interests range from finance and real estate to sports, has a series of trophy properties acquired in the past few years, and recently bought the Plaza Hotel in New York.

In 2008 the Reserve Bank of India ordered a Sahara company to stop taking deposits from the public.

SEBI issued ads in late October to say that they had received complaints from investors that they "were forced" by Sahara agents and officials to switch from the money held by the forbidden bonds to other investment products sold by the group.

Sahara has sought a review of the August court order. The Court is still reviewing a rule on the petition.

Reuters

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Sahara is seeking more time to submit report, the SC defers hearing to Wed

The Supreme Court on Monday gave another opportunity two Sahara group companies or to keep, by tomorrow they will command to return of the money collected from 30 million investors. Reuters

On August 31, the Supreme Court said the OFCD schemes by Sahara India real estate Corporation and Sahara housing investment Corporation were illegal and asked the two companies to refund the money they Sahara collected from investors within 90 days, with 15% interest. It was directed by the companies to deposit the money with Sebi, which would then distribute to investors.

On Monday, a bank under the leadership of Chief Justice Altamas Kabir asked the two companies to tell whether they could repay the full amount of their investors within a week.

Justice Kabir, who is known for his cool attitude, had some harsh words for the companies for non-performance of the apex court order and said that the companies plea deserves not every hearing.

"Your intention is very shaky. Your every step is shaky, according to your need not interpret our order, "the bank said.

Senior lawyer Gopal Subramaniam, displayed for one of the companies, tried to justify to a refund of the full amount is not met, but the Bank strongly refuted him say: "you can change your behavior, that's not to justified righteous".

The Bank, however, granted a day time on the two companies to communicate if they could repay the money or not.

Market regulator SEBI also Sahara the petition against and that has already filed a contempt request against them and said that a strong action should be taken against them.

The Bank, however, said that it is more concerned about the ordinary man, who has invested his money in the companies.

"If you want me to send them to prison, we would send, but we more worried about the investment of the ordinary man," the Bank observed.

During the argument, Justice Kabir lost his cool as senior advocate Mukul Rohatgi, appearing for another firm to plead the case stood, Sahara.

"This is not the way. Even when the losses from your side, you have no right to jump, "said Justice Kabir questions Rohatgi to sit down.

With contributions from PTI

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Sahara group moves SC against SAT order

Supreme Court of India. Reuters

The Council for the Sahara told the Bank that the company finished a draft of Rs 5,100 crore for deposit in the apex court was.

In their appeal to the SAT, two Sahara group of companies sought the Tribunal intervention in repayment of the money from investors and the market regulator Sebi of wrongly charging of non-compliance with a Supreme Court order in that respect had accused.

The Tribunal, however, had said that any further direction in the case can be wanted and awarded by the Supreme Court alone and dismissed the appeal.

The apex court had asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara housing investment Corp. Ltd. (SHICL) to an estimated Rs 24,000 crore with an annual interest rate of 15 percent, while Sebi was aimed at facilitating the refund of this money to refund investors of the two companies three crore.

The Court had asked the companies to consult the documents relating to these investors to Sebi within 10 days and refund the money within three months, failing which the regulator was asked to freeze the accounts and properties of the two companies.

PTI

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Why Subrata Roy Sahara a fit goes for a SIT-probe

the amount that the group claimed was all that was still must be repaid to investors in any fully convertible bonds (OFCDs) issued by SHIC unlawfully and to ignore the SIREC by Sebi regulatory control.

The data are important, for 31 August 2012 is when the Supreme Court specially ordered Sahara liquidate of the two schemes to pay the money to Sebi, which then funds to legitimate investors after a verification of the documents would pay.

The refunds made directly to investors by the Sahara

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Securities appellate court rejects appeal against Sahara Sebi

The Supreme Court had asked these companies to provide documents relating to these investors to Sebi within 10 days. AFP

Passing the order on the appeal filed on 27 November, SAT noted that "a contempt petition by the respondent Board (Securities and Exchange Board of India) and an assessment petition by applicants (Sahara group of companies) against the order dated 31 August 2012 are already in treatment for Supreme Court."

The apex court had asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara housing investment Corporation Ltd (SHICL) to an estimated Rs 24,000 crore with an annual interest rate of 15 percent, while Sebi was aimed at facilitating the refund of this money to three refund crore bondholders of the two companies.

The Supreme Court had asked these companies to deliver the documents relating to these investors to Sebi within 10 days and refund the money within three months, failing which the regulator was asked to freeze the accounts and properties of the two companies.

SEBI issued a letter to the two companies asking them to provide data on 1 November 2012 of all bank accounts and properties, if they "don't deliver the documents to the Board within the prescribed time and thus the direction of the Supreme Court violated".

In the appeal at SAT, the Sahara companies said that Sebi "has deliberately refused the documents/information and wrongly went on the basis that the appellants in the non-observance of the instructions in the aforementioned ruling of the Supreme Court".

The two companies pleaded for SAT that they also a petition before the Supreme Court seeking reconsideration of 31 August. They further said the enterprises "are observing that the Board of Directors may not dwell on the payments that can be entered in accordance with the orders of Supreme Court as the Governing Council has randomly denied the documents/information relating to the investors of any fully convertible bonds (OFCD) by the appellants.

"It is, therefore, prayed that this Tribunal the court clerk, sat directly to accept custody can the amount payable by the appellants to the respondent by 30 November is the total amount redeemed by the appellants to excellent and OFCDs together with the interest on it per the directions of the Supreme Court."

The appeal said that Sebi is redirected to the timeframe within which the defendant the amount to the holders of OFCD and repay a scheme will on how the regulator proposes to give the money back.

SEBI counsel, however, objected to the appeal and the Tribunal to hear that the letter issued by the regulatory authority to the two companies not "a judicial order" under Sebi Act was. He submitted further that the appeal is premature, as no amount has contributed by the two companies in accordance with the instructions of the Supreme Court.

PTI

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How is Rs 24,000 cr Sahara dues Rs 5,120 cr?

Subrata Roy. AFP

In an order dated 31 August the Court had the two companies of the Sahara on investor funds within three months, with 15 percent interest, return Sebi ordered. That deadline expires tomorrow, 30 November. The money is to be issued after verification of the documents of application.

Sahara had SAT approached looking for a order that Sebi would accept both force are loads of documents and the final payment of Rs 5,120 crore. SAT decreased to issue any order says that it was premature.

There are messages in the press, particularly Business Standard, which indicates that the Sahara pressure pressure OFCD investors to invest in other group arrangements was, including by before the letter from the permission of investors to dates prior to the judgment.

It is not known whether Sebi Sahara the truncated cheque will accept, because documents to the Supreme Court talked about more than three crore investors and outstanding amounts of Rs 24,000 crore.

The big question is: how Rs 24,000 crore Rs only 5,120 crore in a matter of months has become?

We have not heard the last on this issue. More Court battles are in the offing.

Securities appellate tribunal order

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