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Sebi on Monday ordered the attachment of bank and demat accounts of <keyword id="31906" type="General" weightage="50" keywordseo="sahara-group" source="Orion">Sahara Group</keyword> firm, its chief <keyword id="31933" type="General" weightage="100" keywordseo="subrata-roy" source="Orion">Subrata Roy</keyword> and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs). The recovery proceedings against five entities -- <keyword id="486078" type="General" weightage="50" keywordseo="sahara-india-real-estate-corporation" source="Orion">Sahara India Real Estate Corporation</keyword> (now known as Sahara Commodity Services Corporation), Subrata Roy, <keyword id="1595961" type="General" weightage="80" keywordseo="ashok-roy-choudhary" source="Orion">Ashok Roy Choudhary</keyword>, Ravi Shanker <keyword id="20551" type="General" weightage="80" keywordseo="dubey" source="Orion">Dubey</keyword> and Vandana <keyword id="15888278" type="General" weightage="80" keywordseo="bharrgava" source="Orion">Bharrgava</keyword> -- for Rs 6.42 crore, includes interest, all costs, charges and expenses, the Securities and Exchange Board of India (Sebi) said in the attachment order. In its notice, Sebi asked all banks, depositories and mutual funds not to allow any debit from accounts of Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. However, credits have been permitted. Further, the market watchdog has directed all banks to attach all accounts, including lockers, of the defaulters. The regulator, in its order in June, levied a fine totalling Rs 6 crore on Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. They raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms, as per Sebi order. According to Sebi, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments. The issuance was allegedly done in contravention of the provisions of the Sebi's ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms">Capital-intensive, cyclical and value stocks to continue their outperformance</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-five-billionaires-in-2022-elon-musk-gautam-adani-and-bill-gates/articleshow/96509847.cms">After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires</a> <a href="https://www.businessinsider.in/stock-market/news/sah-polymers-ipo-to-open-on-dec-30-price-band-set-at-61-65-a-share/articleshow/96514593.cms">Sah Polymers IPO to open on Dec 30, price band set at ₹61-65 a share</a>

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

NEW DELHI: The <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> on Wednesday asked <keyword id="266052" type="POSITION" weightage="40" keywordseo="Sahara-group-chief">Sahara group chief</keyword> <keyword id="31933" type="PERSON" weightage="80" keywordseo="Subrata-Roy">Subrata Roy</keyword> to deposit Rs 10,000 crore with the <keyword id="6378893" type="UNKNOWN" weightage="40" keywordseo="market-regulator">market regulator</keyword> <keyword id="35210" type="ORGANIZATION" weightage="40" keywordseo="sebi">Sebi</keyword> for his release on interim bail from judicial custody. 
 
The apex court bench of Justice KS Radhakrishnan and Justice JS Khehar said that of the Rs 10,000 crore, Rs 5,000 crore would be deposited in cash, and the balance Rs 5,000 crore will be furnished through a bank guarantee. 
The SC has also agreed to defreeze bank accounts of Sahara companies to raise the Rs 10,000 crore and adjourned the case for tomorrow asking the group to give details of the bank account numbers which are to be defreezed. 
 The court declined to water down its orders as the <keyword id="2168359" type="UNKNOWN" weightage="40" keywordseo="Sahara-group-counsel">Sahara group counsel</keyword> expressed inability to raise such a huge amount while Subrata Roy is in jail. 
Sahara group on Tuesday had submitted a new proposal for refunding Rs 20,000 crore of investors money before the Supreme Court. 
 
Roy was sent to jail on March 4 by the top court in connection with contempt proceedings over two group companies' failure to pay Rs 20,000 crore by way of dues to market regulator Sebi.

SC Grants Conditional Bail To Sahara Chief Subrata Roy

<keyword id="4637" type="ORGANIZATION" weightage="100" keywordseo="Sahara">Sahara</keyword> chief <keyword id="31933" type="PERSON" weightage="100" keywordseo="Subrata-Roy">Subrata Roy</keyword>'s lawyers have moved the <keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="Supreme-Court">Supreme Court</keyword>, seeking a deal room in <keyword id="56350" type="PERSON" weightage="100" keywordseo="Tihar-jail">Tihar jail</keyword> to help Roy raise the amount of Rs 10,000 set by the court as a condition for his bail. The room would be used negotiate business deals. 
 
An application regarding this request was moved by senior advocate KTS Tulsi before a bench headed by Justice TS Thakur. 
 
"He has to deal with people in five different time zones. Some of the potential buyers and lenders want to meet before submitting their financials," Tulsi said. "These would be facilities outside the jail but within the complex." 
 
According to the application by Sahara, the "applicants... appeal to shift them from barrack no. 3 of Tihar jail to an out-house in the Tihar jail premises so that they can enter into effective and fruitful negotiations with prospective buyers, lenders for the sale, encumbrance of domestic and three overseas properties of the group companies."

Subrata Roy Demands Deal Room At Tihar

​Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail

Markets regulator <keyword id="35210" type="General" weightage="20" keywordseo="Sebi" source="Orion">SEBI</keyword> on Tuesday said it has recovered pending dues worth Rs 6.57 crore from Sahara India Real Estate Corporation, its chief <keyword id="31933" type="General" weightage="80" keywordseo="subrata-roy" source="Orion">Subrata Roy</keyword>, and others in the case pertaining to flouting norms in issuance of optionally fully convertible debentures. "In view of the payment of the amount of Rs 6.57 crore due under the certificate, the said certificate is hereby completed," the Securities and Exchange Board of India (SEBI) said in its recovery order. The amount included interest and other charges. The regulator in December ordered the attachment of bank and demat accounts of Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation), Subrata Roy, <keyword id="1595961" type="General" weightage="50" keywordseo="ashok-roy-choudhary" source="Orion">Ashok Roy Choudhary</keyword>, Ravi Shanker Dubey and <keyword id="15891249" type="General" weightage="50" keywordseo="vandana-bharrgava" source="Orion">Vandana Bharrgava</keyword> to recover Rs 6.42 crore for violating regulatory norms in the issuance of OFCDs (Optionally Fully Convertible Debentures). This amount included interest, all costs, charges and expenses. The recovery proceedings were initiated against these entities after they failed to pay Rs 6 crore fine imposed on them by SEBI in June 2022. The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. The companies raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms. According to SEBI, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments. The issuance was allegedly done in contravention of the provisions of the SEBI's ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/sky-gazers-in-for-celestial-treat-tonight-with-5-planets-forming-an-arc/articleshow/99063586.cms">Sky gazers in for celestial treat tonight with 5 planets forming an arc</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronic-manufacturing-services-firm-avalon-technologies-865-crore-ipo-to-open-on-april-3/articleshow/99063995.cms">Electronic manufacturing services firm Avalon Technologies’ ₹865 crore IPO to open on April 3</a>

SEBI recovers dues worth ₹6.57 crore from Sahara Group firms, Subrata Roy & others

<ul><li>A Hyderabad civil court passed the stay order on a petition filed by Raju, who was released on bail in 2018. He sought orders to restrain <keyword id="128682" type="COMPANY" weightage="20" keywordseo="Netflix">Netflix</keyword> from releasing the web series on the ground that it would invade his privacy in an unlawful manner.</li><li>Raju also claimed that the narrative contained half-truths and palpably designed to bring down his reputation.</li><li>Netflix released the trailer of the web series which is about Vijay Mallya, Nirav Modi, Subrata Roy and <keyword id="41263" type="PERSON" weightage="20" keywordseo="Ramalinga-Raju">Ramalinga Raju</keyword>.</li></ul> A court in Hyderabad on Tuesday restrained Netflix from releasing web series "<keyword id="9827211" type="UNKNOWN" weightage="20" keywordseo="bad-boy-billionaires">Bad Boy Billionaires</keyword>: India" on the life story of Satyam Computer Services founder B. Ramalinga Raju who was convicted in Satyam scam and three others. A Hyderabad civil court passed the stay order on a petition filed by Raju, who was released on bail in 2018. He sought orders to restrain Netflix from releasing the web series on the ground that it would invade his privacy in an unlawful manner. Raju also claimed that the narrative contained half-truths and palpably designed to bring down his reputation. Netflix has already released the trailer of the web series which is about Vijay Mallya, Nirav Modi, Subrata Roy and Ramalinga Raju. "What would you do to make it to the top? To build an empire? To maintain an image? Bad Boy Billionaires answers just that. Dive into the stories of India's most infamous billionaires - Vijay Mallya, Nirav Modi, Subrata Roy, and Byrraju Ramalinga Raju as they plan, plot and maneuver through their rises and falls. Watch as insiders and experts discuss what made these men genius and, in some cases, the greatest conmen," reads the description by Netflix. A court in Bihar had last week restrained Netflix from using Subrata Roy's name in the web series. The over Rs 7,000 crore Satyam scam came to light on January 7, 2009 when Ramalinga Raju confessed that the company's account books and profits were inflated over many years to the tune of several crores of rupees. Police arrested him two days later on a complaint by some shareholders. The CBI filed three charge sheets against Raju and the other accused, charging them with cheating, criminal conspiracy, forgery, falsification of accounts and breach of trust. A special CBI court in April 2015 had sentenced him, his two brothers and seven others to seven years in prison in the case, said to be India's biggest corporate fraud. However, a month later, the metropolitan sessions court suspended their sentence and granted them bail. SEE ALSO: <a href="https://www.businessinsider.in/india/news/icj-raises-concern-on-sc-decision-in-bhushan-case-says-its-inconsistent-with-international-standards/articleshow/77885669.cms">ICJ raises concern on SC decision in Bhushan case — says it’s inconsistent with international standards</a>

Hyderabad Court stays release of Netflix's Bad Boy Billionaires: India following Ramalinga Raju's objections

In what could be India’s biggest land sale, over 4,700 acres owned by the <keyword id="31906" type="COMPANY" weightage="100" keywordseo="Sahara-group">Sahara Group</keyword> across 14 Indian states have been put on the block by HDFC Realty and SBI Capital Markets. As the sale goes through, the deal is expected be worth Rs 6,500 crore. However, the fact that the properties have huge chunks of agricultural land located in rural areas could affect the amount of the deal. 
 
As per Sahara, it has a total land bank of 33,633 acres out of which the Aamby Valley City located near Lonavala accounts for 10,600 acres. Similarly, about 1,000 acres is spread across various towns and cities of Uttar Pradesh, the capital of which houses the company headquarters. 
 It was early this month that the honourable Supreme Court had released Sahara chief <keyword id="31933" type="PERSON" weightage="100" keywordseo="Subrata-Roy">Subrata Roy</keyword>, who has been in Tihar Jail since March 2014, and group director Ashok Roy Choudhary on a parole for four weeks. It was then that the court had said that Sahara could sell its properties to raise Rs 5,000 crore as a bank guarantee and another Rs 5,000 crore to get bail. 
 After this order, the market regulator authority Securities and Exchange Board of India (SEBI) had mandated that HDFC Realty and SBI Capital Markets auction 60 <keyword id="2065987" type="UNKNOWN" weightage="100" keywordseo="Sahara-properties">Sahara properties</keyword> across the country. 
 
 
The locations of these lands are as follows: Ujjain and Indore in Madhya Pradesh, Ajmer in Rajasthan, Aligarh, Bahraich, Bareilly, Muzaffarnagar, Lucknow, Noida in UP, Guwahati in Assam, Salem in Tamil Nadu, and Porbander and Baroda in Gujarat. 
 
<a href="http://i.huffpost.com/gen/4312180/images/o-SUBRATA-ROY-facebook.jpg">Image source</a>

Auctioneers expect to raise Rs 6,500 crore by selling 4,700 acres of Sahara land

<keyword id="4637" type="ORGANIZATION" weightage="100" keywordseo="Sahara">Sahara</keyword> chief <keyword id="31933" type="PERSON" weightage="100" keywordseo="Subrata-Roy">Subrata Roy</keyword> will have to remain in Tihar jail as the <keyword id="6354977" type="ORGANIZATION" weightage="60" keywordseo="Supreme-Court">Supreme Court</keyword> on Tuesday (May 6) rejected his pleas against what was described by his lawyers as ‘illegal detention.’ The apex court said Roy could walk free only if he pays Rs 10,000 crore, which comes to about one-third of his firm's dues to <keyword id="35210" type="ORGANIZATION" weightage="60" keywordseo="sebi">SEBI</keyword>. But the court also warned that he would be rearrested in case he fails to pay the remaining balance. 
 
Roy had alleged that the court had violated his fundamental rights by sending him to custody in spite of the fact that he was not a defaulter. 
The court said it had sent him to jail as Roy had not abided by its August 31, 2014, order to pay back Rs 24,000 crore, along with interest. Till now, Sahara has paid only Rs 5,120 crore and it needs to pay Rs 37,000 crore more to SEBI. 
 
The court also rejected Sahara’s claims that it had paid 93% of the entire amount to its investors by cash. SEBI, too, rejected this claim made by the company. 
 
The court agreed with SEBI and said, "No material worth the name, was ever produced... to establish the defence of redemption, even though ample opportunities were afforded… Despite... close to 40 hearings and putting them to terms, which ought to have shown them that leniency would not be extended forever, the contemnors have remained adamant and steadfast. They made only one deposit of Rs 5,120 crore. Besides that amount, not a single paisa has been deposited. 
 
"If the money could be easily collected and disbursed to the investors then, why not now? The total amount presently payable... has swelled to Rs 36,608 crore. In the above scenario, no other order, but the one passed by us, could have been passed...," the court added.

Sahara Chief Subrata
Roy To Remain In Jail As SC Rejects Pleas

Sahara <keyword id="6369681" type="POSITION" weightage="20" keywordseo="chief">chief</keyword> <keyword id="31933" type="PERSON" weightage="20" keywordseo="Subrata-Roy">Subrata Roy</keyword> might be in jail and surviving the heatwaves of May, but his ambition seems to be kissing the sky. 
 The debt ridden <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara Group</keyword>, which failed to produce a Rs 10,000 crore bond to release it’s supremo is bidding for <keyword id="6354968" type="COMPANY" weightage="20" keywordseo="London">London</keyword>'s iconic Grosvenor House hotel. As per a news report in The Economic Times Sahara had bought the property in 2010 and lost control after defaulting on a loan, marking a bizarre twist in a long-running <keyword id="45535" type="UNKNOWN" weightage="20" keywordseo="Saga">saga</keyword> in which the group's founder has spent more than a year behind bars. 
 
 Sources have informed the ET, Sahara Group, via its subsidiary <keyword id="2870977" type="UNKNOWN" weightage="20" keywordseo="Amby-Valley-Mauritius">Amby Valley Mauritius</keyword>, has emerged as one of the bidders. Other bidders are Constellation <keyword id="6368036" type="PERSON" weightage="20" keywordseo="Hotels">Hotels</keyword> Holding, M&amp;G Prudential, Abu Dhabi Investment Authority and China's <keyword id="382183" type="ORGANIZATION" weightage="20" keywordseo="Fosun-Group">Fosun Group</keyword>. 
 The sources have also confirmed that the bids received so far are in the range of £600-625 million (up to nearly Rs 6,150 crore. <keyword id="624039" type="COMPANY" weightage="20" keywordseo="The-Bank-of-China">The Bank of China</keyword> (BOC), which has custody of the hotel, has appointed <keyword id="6358918" type="PERSON" weightage="20" keywordseo="Deloitte">Deloitte</keyword> as the <keyword id="57372" type="POSITION" weightage="20" keywordseo="Administrator">administrator</keyword> for the property and <keyword id="150310" type="CITY" weightage="20" keywordseo="Jones-Lang-LaSalle">Jones Lang LaSalle</keyword> (JLL) as one of the sales agents. 
 In 2010, the BOC had financed the Sahara group for purchasing the Grosvenor House hotel along with two hotels in <keyword id="6355838" type="COMPANY" weightage="20" keywordseo="New-York">New York</keyword> - Dream Downtown and The Plaza. Earlier this year, Sahara defaulted on BOC's loan of close to $800 million, after which the London hotel came under its custody. 
 When Sahara ran into trouble with India's capital markets regulator, <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">Sebi</keyword>), the BOC asked the group to pay back its debt. Between 2013 and 2014, the group had received several bids for all the three hotel properties from possible investors, including royal families in the Middle-East. The bidders had offered close to £900 million for the London hotel alone. But the Sahara Group did not accept any offer and finally defaulted on the BOC loan. 
 
 
An email sent to Sahara by the financial daily did not elicit any response. JLL said it did not have any comments to offer at this time. A legal expert involved with the current transaction said that though Sahara has emerged as one of the bidders for the property, BOC officials are still trying to figure out whether the authorities in India could create any legal problems if Sahara were to be awarded the deal. 
 
Sahara's ability to raise money for the deal is also being doubted, according to people involved in the negotiations, especially since the group is relying on backing by other financiers. 
 Subrata Roy, founder and <keyword id="6411847" type="POSITION" weightage="20" keywordseo="head">head</keyword> of Sahara group, is currently in Tihar Jail, from where he unsuccessfully tried to negotiate a deal to sell the hotels. 
 
(Image : Reuters)

​Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> on Monday gave conglomerate <keyword id="4637" type="ORGANIZATION" weightage="20" keywordseo="Sahara">Sahara</keyword> another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder <keyword id="31933" type="PERSON" weightage="20" keywordseo="Subrata-Roy">Subrata Roy</keyword>, who has been held in a New Delhi jail for more than a year. 
	 
	Sahara has made several failed attempts to raise $1.6 billion in bail money. Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars to INVESTORS in a bond programme that was ruled illegal. 
	 
	The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy. 
	 
	On Monday, the country's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds.

Sahara gets 3 months lifeline

Starting August 5 and for the following 10 days, Delhi’s Tihar jail will have the sort of visitors who generally find themselves working in very different circumstances. They’ll be coming to see Sahara chief Subrata Roy, who’s trying to raise Rs 10,000 crore as a get-out-of-jail card by selling or mortgaging real estate assets. 
 So how is Tihar preparing for this unusual event? A large 30x18 ft conference room with an attached bathroom and a 12x12 ft annexe inside the <keyword id="2456860" type="ORGANIZATION" weightage="20" keywordseo="Tihar-court">Tihar court</keyword> complex are being readied for Roy and two Sahara directors, Ashok Roy Choudhary and <keyword id="709634" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Dubey">Ravi Shankar Dubey</keyword>, who are also lodged in the same prison. 
 
Jail authorities have sent a letter to Delhi Lieutenant-Governor Najeeb Jung to notify the conference room as a special jail but with certain relaxations — phones and laptops, WiFi connectivity and visitors from 6 am to 8 pm on all days except Sundays and gazetted holidays. 
 The <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara Group</keyword> will pay for the privileges. The room, which is used for confidential meetings and press briefings by the directorgeneral of prisons, has a 52-inch TV for making presentations, video-conferencing and a table that seats 25. 
 
It also has wood-paneled walls and is fully air-conditioned. 
 
Visitors coming to meet Roy to be frisked 
 
All Visitors Coming to meet Roy to be Frisked Roy’s guests — corporate bigwigs, investors, top lawyers, merchant bankers, et al — will get vegetarian meals, snacks and tea prepared in the jail canteen, which is manned by a few longtime inmates. All visitors will be subject to frisking. 
 
The Sahara chief has been in Tihar jail since March over the issue of refunds to investors in a financial instrument issued by two group companies in violation of norms. The Securities and Exchange Board of India says Sahara has to pay more than Rs 37,000 crore by way of the refund amount and interest. 
 While Sahara says it has already paid much of the money that is due, the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> has told Roy that he needs to raise Rs 5,000 crore in cash and Rs 5,000 crore by way of bank guarantees to get bail. 
 
The Sahara boss and the two directors are currently housed in a section for inmates above 60. As with other parts of the jail, no cellphones and laptops are allowed and jammers restrict all forms of electronic communications. That’s why Roy and his team need to be relocated. “We can’t switch off the jammers just for one person. It will send a wrong message to others. It could become a precedent of sorts if we allow him privileges inside the jail and other inmates might start asking for similar things then,” said a senior jail official, who did not want to be named. 
 The court order permits Roy and his team to conduct business meetings and negotiations in the designated area. The most valuable properties on the Sahara list are its three international hotels — Grosvenor House Hotel in London and <keyword id="999813" type="COMPANY" weightage="20" keywordseo="The-Plaza">The Plaza</keyword> and Dream Downtown Hotel in New York. 
 
ET reported last month that those looking to buy the properties include the Poonawalla family based in Pune, an investor group linked to the Qatar royal family and Sultan Hassanal Bolkiah of Brunei. 
 
The Poonawallas have made an offer of £550 million for the London property. One of the world’s largest luxury property investors Madison has offered $800 million for Sahara’s New York hotels. 
 
The terms under which Sahara has been allowed to set up the deal room are listed in the affidavit filed by Rajesh Kumar, superintendent of Central Jail No 3 at Tihar. 
 
“They will have to submit a list of visitors to the superintendent in advance. Confidentiality will be maintained,” said the jail official cited above. 
 
In his affidavit, Kumar had also suggested a second option — a guest house at the new residential complex, which is a type V government accommodation with three double rooms, a single room and two toilets — but the conference facility was found more suitable to conduct business. The conference room is within the Tihar court complex, which usually convenes once a month to deal with petty offences. 
 
“It already is a secure place. There is one common entry and exit point that will be monitored by CCTV cameras,” said another official aware of the planning. 
 
Roy and the two directors will stay at the annexe attached to the conference room and will be free to conduct business through the night considering that they will be dealing predominantly with people in the US and Europe. However, secretarial staff will only be allowed at visiting hours. 
 
Tihar jail is a 200-acre facility, the largest prison complex in South Asia, and has different wards for different types of inmates — firsttimers, hardcore criminals and those over 60. Roy and the two directors are housed in a single room in the over-60 block where there are regular medical check-ups and sevadars to take care of prisoners’ basic needs. 
 For health reasons, Roy sometimes asks for khichdi from the jail canteen for which he pays, said the <keyword id="2456859" type="UNKNOWN" weightage="20" keywordseo="first-jail-official">first jail official</keyword> cited above. He sticks to himself for the most part and is usually meditating on his own, the person said.

Tihar Turns Business Centre For Sahara Chief Subrata Roy's Asset Sale Talks

Billionaire brothers David and Simon Reuben will take over Sahara group’s Grosvenor House hotel and two other luxury hotels - Plaza and Dream Downtown — in a whopping $850 million (Rs. 5,500 Crore) deal. 
 The Reubens have also purchased the two loans against the properties from <keyword id="104905" type="CITY" weightage="60" keywordseo="Bank-of-China">Bank of China</keyword>. They have also given a four-month extension to Sahara. 
 
The Grosvenor House hotel was recently put up on sale by the Bank of China after Sahara failed to pay the defaulting amount. Sahara bought it in 2010. The two other US hotels followed. The trio was brought for an estimated$1.55 billion. 
 
The Group has been long trying to raise $1.6 billion to get its chief Subrata Roy out on bail by monetizing its assets. Roy has been in Tihar Jail for over a year now. It has also been in a legal strife with SEBI over raising funds worth around Rs. 24,000 Crores. The company claims it has repaid 95% of the investors. 
 
(Image credit: Indiatimes)

Reubens
to the Rescue, acquire Sahara hotels

Vijay Mallya, Subrata Roy, Nirav Modi, and Ramalinga Raju— these are the four Bad Boy Billionaires of India

The recent arrest of Subrata Roy—who transformed himself from a lesser-known employee of <keyword id="4637" type="ORGANIZATION" weightage="100" keywordseo="Sahara">Sahara</keyword> Finance, a minuscule finance company that ran a chit fund in the impoverished state of Bihar, to the owner of Sahara India Pariwar, which has an asset base of more than $13 billion and employs over 900,000 people—has revived debates on the clandestine and often murky world of shadow banking that has been flourishing in India, like most emerging and developed economies, for centuries. 
 Despite consistent efforts by Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="80" keywordseo="RBI">RBI</keyword>) and financial markets regulator Securities and Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="80" keywordseo="sebi">SEBI</keyword>) to bring operations of shadow banking players under the ambit of financial scrutiny, these firms have continued to thrive, while triggering insurmountable risks that are typically associated with unregulated financial products. The reason is: more than 50 per cent of India’s 1.2 billion population is still unbanked. For centuries, shadow banking firms have been reaching out to meet the banking needs of this humongous unbanked population. 
 The recent decision of RBI to give in-principal nod for banking licences to Kolkata-based micro-lender Bandhan Financial Services—along with Mumbai-based non-banking financial company <keyword id="6361420" type="ORGANIZATION" weightage="80" keywordseo="IDFC">IDFC</keyword> that specialises in infrastructure lending—effectively disregarding more prominent applicants including Anil Ambani-owned Reliance Capital, Kumar Mangalam Birla-controlled Aditya Birla Nuvo, Bajaj Finserv, Religare Enterprises, Indiabulls Housing Finance, India Infoline and Muthoot Finance, has reinforced the central bank’s policy of ‘financial inclusion’ which means offering banking services to those who are outside the purview of mainstream, regulated banking operations. 
What gave Bandhan (set up in 2001 by Chandra Shekhar Ghosh) an edge when it came to bagging preliminary baking licence is that it focuses on working with ‘socially disadvantaged and economically exploited women’ and has a strong presence in the under-banked eastern and north eastern regions of India. Despite a litany of players in India’s banking space—there are 27 state-run banks and 22 private sector ones in the country—RBI has apprehensions if the so-called corporate banks are serious about penetrating into India's hinterland and enhancing lending to farmers and small traders who comprise a major chunk of the unbanked population. 
 
Shadow banking, which typically comprises a diverse set of institutions and markets that carry out traditional banking functions but do so outside the traditional system of regulated depository institutions, has flourished world over. A recent report by Financial Stability Board pegged its size at around $67 trillion globally, representing a little more than 30 per cent of the total financial system. Shadow banking institutions—hedge funds, securitisation vehicles, asset-backed commercial paper conduits, money market mutual funds, investment banks and mortgage companies—prospered by playing the role of intermediaries between investors and borrowers—a space that is yet to be fully tapped into by traditional banking players—profiting from fees or the difference in interest rates between what they pay the investors and what they receive from borrowers, besides offering exotic financial products such as asset-backed commercial paper programmes and off-balance sheet credit default swaps. 
 
Though regulatory glare has became intense post the 2008 financial crisis—which is said to be precipitated by an unabated proliferation of exotic financial products which shadow banking players are typically known for—these behind-the-scene banking players are yet to be tamed and are likely to evade scrutiny as long as the organised banking players fail to fully cater to unmet banking needs of the populations comprising lesser mortals. 
 
The picture is no different in India. In fact, recently, while regulators were chasing a seemingly unperturbed Subrata Roy—who managed to amass immense wealth including ownership of some of the most luxurious hotels in the world including New York's Plaza Hotel, Dream Hotel and London's Grosvenor House hotel, over his 35-year-long ‘shadowy banking career’—said that Sahara will be among the top firms in the world in five years in terms of assets and profits. His optimism is not fully unfounded. Despite SEBI’s claim that he owes more than Rs 20,000 crore to investors who were sold various unregulated banking products, there has been very little sign of a mutiny from the investors whom he cheated. This is surprising in a country where collapse of financial schemes has historically elicited a violent reaction. This means that as long as the elite corporate banking system fails to reach out to unbanked population, shadowy banking players will flourish in India and elsewhere. 
Image: Thinkstock

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You Searched For "Subrata Roy" and got 14 results

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

PTI

SC Grants Conditional Bail To Sahara Chief Subrata Roy

Times Of India

Subrata Roy Demands Deal Room At Tihar

BI India Bureau

​Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail

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SEBI recovers dues worth ₹6.57 crore from Sahara Group firms, Subrata Roy & others

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BI India Bureau

Sahara Chief Subrata Roy To Remain In Jail As SC Rejects Pleas

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Sahara gets 3 months lifeline

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Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail

Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say