Supreme Court Rejects Sahara Chief's Plea For Bail To Conduct Business
- The court has, however, said that if Sahara comes up with a "concrete proposal" it can allow Mr Roy to negotiate his business deals through video-conferencing from a guest house in Delhi between 10 am and 4 pm.
- Mr Roy has offered to sell the hotels to raise money to comply with the Supreme Court's order to return Rs 24,000 crore to investors, collected by Sahara group companies through financial instruments that were later ruled illegal.
- The three hotels that the Sahara group owns abroad are the Dream Downtown and The Plaza in New York and Grosvenor House in London.
- The Sahara group has been struggling to raise Rs 10,000 crore to secure bail for its chief. The court has rejected Sahara's proposal that it pay in installments. Several attempts by Sahara to secure bail for Mr Roy since his arrest have come to naught.
- The court had earlier also turned down a Sahara plea that Mr Roy be held under house arrest.
- Subrata Roy was arrested in March after failing to appear at a contempt hearing in the long-running legal battle between his group and market regulator Securities and Exchange Board of India (Sebi) over repaying investors.
- 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.
- The Supreme Court recently said that Sahara's liability is between Rs 33,000 crore and Rs 35,000 crore. Also, the Income Tax Department has approached the Supreme Court with a tax demand of Rs 4,800 crore against Sahara.
- The Supreme Court has 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 court also ordered a defreezing of Sahara's bank deposits in June this year.
- Sahara is best known as the former main sponsor of India's national cricket team. It co-owns the Sahara Force India Formula One auto racing team with liquor baron Vijay Mallya.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
