Sahara Chief Subrata Roy To Stay in Jail: Top 10 Facts
- Mr Roy has been held in Delhi's Tihar jail since March 4 for failure of two Sahara group companies to comply with the Supreme Court's order to return Rs 24,000 crore to investors. The money was collected by Sahara group companies through financial instruments that were later ruled illegal.
- The Supreme Court had earlier asked Sahara to furnish Rs 10,000 crore as bail for its chief. Sahara's earlier proposals to pay the money in instalments were rejected by the court.
- In 2012, the Supreme Court ordered Sahara to repay, with interest, all investors who subscribed to bonds sold by two of its businesses, saying the company had not met with Sebi rules for public issues and the process was "dubious". While Sahara says it has repaid most of the money, the Supreme Court and the Sebi have disputed that.
- Sahara firms had offered seemingly lucrative bonds to investors, promising, in some cases, to return three times the face value after a period of 10 years.
- The Supreme Court had recently said that Sahara's liability was between Rs 33,000 crore and Rs 35,000 crore.
- On top of that, the Income Tax Department has approached the Supreme Court with a tax demand worth Rs 4,800 crore against Sahara.
- The Supreme Court had earlier allowed Sahara to raise Rs 4,298 crore by selling nine real estate properties in Amritsar, Ahmedabad, Chauma, Ajmer, Bhopal, Bhavnagar, Jodhpur, Pune and Vasai.
- The top court had also allowed the group to raise funds by defreezing its bank deposits and other financial instruments worth Rs 2,500 crore.
- Sahara is best known as the former main sponsor of India's national cricket team, as well as owner of New York's Plaza Hotel and London's Grosvenor House. It has a net worth of $11 billion or around Rs. 66,000 crore ($1=Rs. 60) and more than 36,000 acres of real estate, according to its website.
- Sahara also co-owns the Sahara Force India Formula One auto racing team with liquor baron Vijay Mallya. (With agency inputs)
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