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SAHARA INDIA PARIWAR
INVESTOR FRAUD CASE
HOW IT ALL BEGUN
• January 4,2010- Roshan Lal, a resident of Indore sent a note written
in Hindi to the national housing bank, requesting it to look into
housing bonds issued by two companies of the lucknow-
headquartered Sahara group, Sahara India real estate corporation
and Sahara housing investment corporation.
• Being a CA, Lal wrote in the small note, he found that the bonds
,bought by a large number of investors, were not issued according
to the rules.
• The national housing bank did not have the wherewithal to
investigate the allegation, So it forwarded the letter to the SEBI, The
capital markets regulator.
• November 2010 - Securities and Exchange Board of
India bars Sahara India Pariwar chief Subrata Roy and two of its
companies - Sahara India Real Estate Corp (SIREC) and Sahara
Housing Investment Corp (SHIC) from raising money from the public
as they raised several thousand crores through optionally fully
convertible debentures which SEBI deemed illegal.
• December 2010 - Sahara made appeal in the Allahabad High court
which ordered SEBI not to take any action until an court order is
passed.
• January 2011 - Delhi High court issued a warrant against Sahara
India Pariwar chairman Subrata Roy and four other officials of the
group on a complaint that it deceived investors in a proposed
housing project of Rs.25,000 crore.
• February 2011 - Delhi High court stays proceedings against Sahara
India Pariwar chairman Subrata Roy and four other officials of the
group on a complaint that it deceived investors in a proposed
housing project.
• May 2011 - Supreme court of India asked Sahara India Real Estate
(SIREC) to furnish the format of the application for an optionally fully
convertible debentures (OFCD) scheme and a list of accredited
agents which raised money on company's behalf.
• June 2011 - SEBI ordered Sahara firms to immediately refund the
money collected through sales of OFCDs.
• October 2011 - Securities Appellate Tribunal (SAT) ordered two
unlisted Sahara Group companies to refund within six weeks about
17,656.53 crore with 15% interest which it had raised through a
flotation of OFCDs.
• November 2011 - Sahara India Pariwar moved to Supreme Court
against SAT's order and in favour of Sahara Group it stayed the
SAT order, and asked the two companies to refund 17,400 crores to
their investors and asked the details & liabilities of the companies.
• January 2012 - Supreme Court gives three weeks time to Sahara
India Pariwar to choose between options to secure investments
made by public in OFCD scheme. Either to give sufficient bank
guarantee or attach properties worth the amount raised through
OFCD's.
• May 2012 - Supreme court is informed by Senior counsel Fali
Nariman (appearing for Sahara India Real Estate Corp) that SEBI
could not have taken up this issue of Sahara Group of companies
raising funds through OFCD since there was no complaint from any
investor.
• June 2012 - SEBI informed Supreme Court that real estate division
of Sahara India Pariwar had no right to mobilise Rs.27,000 crore
from investors through optionally fully convertible debentures
(OFCD) without complying norms of Market regulator - SEBI.
• August 2012 - Supreme court directs Sahara India Real Estate
Corporation Ltd. (SIRECL) and the Sahara Housing Investment
Corporation Ltd. (SHICL) to refund over Rs. 24,400 crore.
• He was eventually arrested on 28 February 2014 by Uttar Pradesh
police on a Supreme Court's warrant, in a dispute with Market
Regulator - SEBI.
• In a statement after the arrest, his lawyer said Mr. Roy's 92-year-old
mother was in poor health and needed "her eldest son" by her side,
and hence he failed to appear at the court.
• He was granted interim bail by Supreme Court of India for the same
on 26 March 2014 on condition of depositing Rs 10,000 crore with
the market regulator Sebi.
• As of August 2014, Roy is still in jail and is trying to sale some of his
hotel properties to enough money.
• Roy has received support from some in the public as well as
celebrities
• September 5,2014-Sahara chief Subrata Roy asks SC for 15 more
days to sell properties Appearing before a bench headed by Justice
TS Thakur, Roy's counsel submitted that there have been huge
protests outside the hotels after an International newspaper
published story that Sultan of Brunei is buying the properties.
• October 1,2014- Roy was sent back to his cell in Tihar at the end of
the period granted by the Supreme Court for stay at the air-
conditioned facility in the complex to negotiate sale of his overseas
hotels.
• October 06, 2014-Subrata Roy seeks restoration of special facilities
in Tihar jail .
• October 31, 2014-Subrata Roy shelled out Rs 31 lakh to use special
facilities in jail.Roy was allowed by the Supreme Court to use the
jail's conference room to negotiate sale of his hotels in order to
collect Rs 10,000 crore for his bail.
"Roy and his team are working hard and trying their best even in wake
of the current restrictions that Roy is in now,"

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Sahara case

  • 2.
  • 3. HOW IT ALL BEGUN • January 4,2010- Roshan Lal, a resident of Indore sent a note written in Hindi to the national housing bank, requesting it to look into housing bonds issued by two companies of the lucknow- headquartered Sahara group, Sahara India real estate corporation and Sahara housing investment corporation. • Being a CA, Lal wrote in the small note, he found that the bonds ,bought by a large number of investors, were not issued according to the rules. • The national housing bank did not have the wherewithal to investigate the allegation, So it forwarded the letter to the SEBI, The capital markets regulator.
  • 4. • November 2010 - Securities and Exchange Board of India bars Sahara India Pariwar chief Subrata Roy and two of its companies - Sahara India Real Estate Corp (SIREC) and Sahara Housing Investment Corp (SHIC) from raising money from the public as they raised several thousand crores through optionally fully convertible debentures which SEBI deemed illegal. • December 2010 - Sahara made appeal in the Allahabad High court which ordered SEBI not to take any action until an court order is passed. • January 2011 - Delhi High court issued a warrant against Sahara India Pariwar chairman Subrata Roy and four other officials of the group on a complaint that it deceived investors in a proposed housing project of Rs.25,000 crore.
  • 5. • February 2011 - Delhi High court stays proceedings against Sahara India Pariwar chairman Subrata Roy and four other officials of the group on a complaint that it deceived investors in a proposed housing project. • May 2011 - Supreme court of India asked Sahara India Real Estate (SIREC) to furnish the format of the application for an optionally fully convertible debentures (OFCD) scheme and a list of accredited agents which raised money on company's behalf. • June 2011 - SEBI ordered Sahara firms to immediately refund the money collected through sales of OFCDs. • October 2011 - Securities Appellate Tribunal (SAT) ordered two unlisted Sahara Group companies to refund within six weeks about 17,656.53 crore with 15% interest which it had raised through a flotation of OFCDs.
  • 6. • November 2011 - Sahara India Pariwar moved to Supreme Court against SAT's order and in favour of Sahara Group it stayed the SAT order, and asked the two companies to refund 17,400 crores to their investors and asked the details & liabilities of the companies. • January 2012 - Supreme Court gives three weeks time to Sahara India Pariwar to choose between options to secure investments made by public in OFCD scheme. Either to give sufficient bank guarantee or attach properties worth the amount raised through OFCD's. • May 2012 - Supreme court is informed by Senior counsel Fali Nariman (appearing for Sahara India Real Estate Corp) that SEBI could not have taken up this issue of Sahara Group of companies raising funds through OFCD since there was no complaint from any investor.
  • 7. • June 2012 - SEBI informed Supreme Court that real estate division of Sahara India Pariwar had no right to mobilise Rs.27,000 crore from investors through optionally fully convertible debentures (OFCD) without complying norms of Market regulator - SEBI. • August 2012 - Supreme court directs Sahara India Real Estate Corporation Ltd. (SIRECL) and the Sahara Housing Investment Corporation Ltd. (SHICL) to refund over Rs. 24,400 crore.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12. • He was eventually arrested on 28 February 2014 by Uttar Pradesh police on a Supreme Court's warrant, in a dispute with Market Regulator - SEBI. • In a statement after the arrest, his lawyer said Mr. Roy's 92-year-old mother was in poor health and needed "her eldest son" by her side, and hence he failed to appear at the court. • He was granted interim bail by Supreme Court of India for the same on 26 March 2014 on condition of depositing Rs 10,000 crore with the market regulator Sebi. • As of August 2014, Roy is still in jail and is trying to sale some of his hotel properties to enough money. • Roy has received support from some in the public as well as celebrities
  • 13. • September 5,2014-Sahara chief Subrata Roy asks SC for 15 more days to sell properties Appearing before a bench headed by Justice TS Thakur, Roy's counsel submitted that there have been huge protests outside the hotels after an International newspaper published story that Sultan of Brunei is buying the properties. • October 1,2014- Roy was sent back to his cell in Tihar at the end of the period granted by the Supreme Court for stay at the air- conditioned facility in the complex to negotiate sale of his overseas hotels. • October 06, 2014-Subrata Roy seeks restoration of special facilities in Tihar jail .
  • 14. • October 31, 2014-Subrata Roy shelled out Rs 31 lakh to use special facilities in jail.Roy was allowed by the Supreme Court to use the jail's conference room to negotiate sale of his hotels in order to collect Rs 10,000 crore for his bail. "Roy and his team are working hard and trying their best even in wake of the current restrictions that Roy is in now,"