Sahara India Pariwar investor fraud case

On 26 February 2014, the Supreme Court of India ordered the arrest of Subrata Roy, Chairman & Founder of Sahara India Pariwar, for failing to appear in connection with the Rs.24,000-crore deposits his company has not refunded to its investors. 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.[1] 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.[2] 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.[3] As of August 2014, Roy is still in jail and is trying to sell some of his hotel properties to raise enough money.[4]

Roy has received support from some in the public as well as celebrities.[5][6]

Timeline of events

Events of this fraud case started in 2010 and it is still in proceeding in Supreme court of India as of March 2014.[7][8][9]

References

  1. "Subrata Roy Sahara surrenders before Police in Lucknow". IANS. news.biharprabha.com. Retrieved 28 February 2014.
  2. Roy, Subrata. "Profile of Subrata Roy". Profile. BBC. Retrieved 28 February 2014.
  3. "SC grants conditional bail to Sahara chief Subrata Roy". Times of India. Retrieved 26 March 2014.
  4. "From Tihar jail, Sahara chief Subrata Roy tries to sell the New York Plaza". Times of India. 10 August 2014. Retrieved 20 August 2014.
  5. Staff Reporter. "Bollywood celebs come out in support of Subrata Roy". The Hindu. Retrieved 11 January 2015.
  6. http://timesofindia.indiatimes.com/india/Film-industry-faces-heat-while-defending-Saharas-Subrata-Roy-at-news-conference/articleshow/31290921.cms
  7. "Investor fraud case: Sahara Group chief Subrata Roy grilled by Sebi over assets". Indian Express. 27 March 2014.
  8. "Sahara scandal: 4-year chain of events that lead to Subrata Roy's arrest". Hindustan Times. 27 March 2014.
  9. "All you need to know about the Subrata Roy case". Yahoo.
  10. "SEBI Bars Subrata Roy From Raising Funds". Outlook (magazine). 24 November 2010.
  11. "Allahabad High Court Stay in the SEBI-Sahara Case". India Corp Law.
  12. "Warrant issued against Subrata Roy, five others". Thaindian. 24 January 2011.
  13. "Delhi high court stays proceedings against Subrata Roy in cheating case". Daily News and Analysis. 8 February 2011.
  14. "Apex court directs Sahara Group firm to provide details on OFCD scheme". The HinduBusiness Line. 9 May 2011.
  15. "SAT upholds SEBI order on Sahara to refund money". The HinduBusiness Line. 18 October 2011.
  16. "Apex court stays order on Sahara group to refund money". The HinduBusiness Line. 28 November 2011.
  17. "SC stays SAT's order directing Sahara group to pay back Rs.17,400 crore to investors". India Today. 28 November 2011.
  18. "SC gives Sahara 3 weeks to secure investments". Business Standard. 20 January 2012.
  19. "Market regulator at fault in Sahara case, apex court told". Yahoo.
  20. "Sahara firm bypassed norms to raise funds, SC told". Yahoo.
  21. "SC orders Sahara to refund Rs. 24,400 crore". The Hindu. 31 August 2012.
  22. http://timesofindia.indiatimes.com/business/india-business/Pay-up-Rs-40000-crore-or-well-auction-your-assets-Supreme-Court-tells-Sahara/articleshow/46559447.cms?utm_source=facebook.com&utm_medium=referral&utm_campaign=TOI
  23. "Sebi cancels Sahara’s mutual fund licence". The Times of India. 28 July 2015.
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