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London Olympics bronze medalist shuttler <keyword id="30618" type="PERSON" weightage="100" keywordseo="Saina-Nehwal">Saina Nehwal</keyword>, who is recuperating from a knee surgery feels her career may face an abrupt end. 
 
The 26-year-old, who is now eyeing the China Open Super Series, from November 15, said she is working harder to improve her fitness and is not thinking about winning or losing anymore. 
 
"It is okay, many people will think my career will end and I won't come back. I also think somewhere deep in my heart that maybe it is the end of my career, so let's see how it is. Maybe, you never know," Saina was quoted as saying by the espn.in. 
 
Plagued by a right knee injury, the Hyderabadi was knocked out of the first round from this year's Olympics in Rio de Janeiro. 
 Forced to go under the knife, she began her rehabilitation process with physiotherapist <keyword id="1087095" type="PERSON" weightage="20" keywordseo="Heath-Matthews">Heath Matthews</keyword> and resumed her regular training recently under her coach U. <keyword id="294740" type="PERSON" weightage="20" keywordseo="Vimal-Kumar">Vimal Kumar</keyword>. 
 
"I will be more than happy if people think I am finished, it is nice in a way, people think a lot about me, maybe now they won't. So for me it is just about how to take care of my body and be in good shape because these injuries are quite painful," the shuttler said. 
 
She further hinted at her imminent retirement plans by saying that she has not set any long term goals for the future. 
 
"I am going to think about the next one year, it is year by year now, I am not going to set a target for the next 5-6 years now," she said. 
 Considered as the flag-bearer of Indian women's singles <keyword id="30621" type="COMPANY" weightage="20" keywordseo="Badminton">badminton</keyword>, Saina has had many 'firsts' added to her illustrious career. 
 
Besides being the first Indian shuttler to win an Olympic medal, the former World No.1 added another feather to her cap by becoming the first Indian woman to reach the finals of the prestigious All England Open Badminton Championships. 
(image: Indiatimes)

Frustrated with knee surgery, Saina Nehwal says “may end career”

New Delhi: Thirteen-year-old <keyword id="22910175" type="General" weightage="100" keywordseo="Tanvi-Patri" source="keywords">Tanvi Patri</keyword> from Odisha has cemented her status as one of India's most promising badminton prodigies by clinching the girls' singles title at the U-15 Badminton Asia U-17 &amp; U-15 Junior Championships in Chengdu, China, the country where she first honed her skills in the sport. Patri capped off a phenomenal week with a superlative performance, defeating Vietnam's second seed Thi Thu Huyen Nguyen 22-20, 21-11 in a 34-minute final, offering a glimmer of hope after Indian badminton's recent struggles at the Paris Olympics. "I'm feeling good after winning the title," Patri told PTI from Chengdu. "I had expected to win, and I'm happy I could do that. I've been training at the <keyword id="20657841" type="General" weightage="20" keywordseo="Prakash-Padukone-Badminton-Academy" source="keywords">Prakash Padukone Badminton Academy</keyword> (PPBA) in Bangalore for the last two years." Patri displayed remarkable resilience, fighting back from 11-17 down in the opening game to win the title without dropping a game throughout the tournament. Her parents, Rabinarayan Patri and Sailabala Panda, are software professionals who previously worked in China, where she first took up badminton. The family returned to India in 2020 following the COVID-19 pandemic. Vimal Kumar, Director of PPBA, sees great promise in Tanvi, even drawing comparisons to the early days of <keyword id="20580025" type="General" weightage="20" keywordseo="P-V-Sindhu" source="keywords">P V Sindhu</keyword>, one of India's most celebrated badminton players. "She was about eight or nine when she moved to India and joined the academy in 2022," said Vimal. "She reminds me of Sindhu when she was young. The ability to win matches at a young age is a good sign. She has a long way to go, and with her temperament, she has great potential." Rabinarayan, a software engineer who works from home, accompanies Patri to the academy. In November 2022, he drove 1,400 km from Bengaluru to Balangir for Patri's participation in the state sub-junior badminton tournament. "She is ahead of her age group," Vimal noted. "In the last six months, she has won U-17 tournaments and defeated several senior players, including the current national championship finalist, Tanvi Sharma. "If she improves her strength and continues to develop, she could be a strong contender for the 2028 or 2032 Olympics." Patri, who also enjoys skating, began her badminton training under Chinese coach Jiang Yong Yi and won nine titles in China between 2017 and 2020. After returning to India, she was spotted by PPBA during a camp and joined the academy in March 2022. She went on to claim both the U-15 and U-17 girls' singles titles in the All India sub-junior ranking tournaments in Hyderabad in June and Mapusa, Goa, in May this year. Tanvi also won the gold medal in the 35th Sub-Junior National Championships in Balangir, Odisha, last November and became the first shuttler from Odisha to win the girls' singles title in the 34th Sub-Junior (U-13) National Championships in Lucknow in 2022. A class eight student, Patri had reached the quarterfinals at the German Junior International in Berlin in March.

Sindhu-like talent with Olympic medal potential: Meet 13-year-old badminton prodigy Tanvi Patri

<ul><li>Engineer with an IIT degree and a Virgo star sign is the most popular formula for self-made entrepreneurs.</li><li>Virgos is the star sign of most founders on Hurn IDFC First list of self-made entrepreneurs.</li><li>Cancer and Leo are the next most common star signs amongst the 405 founders who are a part of the list. </li></ul>It takes a lot of creativity, courage and determination to start and build a successful business. In this digital era, it helps if you are an engineer too. As per Hurun and IDFC First’s list of top 200 companies founded by 405 self-made entrepreneurs, 225 are engineers. Needless to say, the list is also dominated by startups and new-age businesses. The odds get better if you are from a marquee college like IIT, as 82 of them from the list are either from IIT Delhi, IIT Bombay or IIT Kharagpur. There are more points to score if you live in Bangalore, Mumbai or Gurugram — near the startup ecosystem. And there are another set of stars that have to align for success – the zodiac signs. Virgo is the biggest contributor to India's Top 200 Self-made Entrepreneurs of the Millennia with 14% companies with founders of this star sign respectively. Known for logical and practical approach to life, Virgos have a systematic approach to life — all good for would-be entrepreneurs. In a fast-changing world, people of this star sign can also become best business builders as they are known to constantly build skills and practice until they get perfect. This is followed by Cancer with 12% and people with these star signs are known to be effortlessly creative and knowledgeable even if they tend to be sentimental. It’s also a good trait for founders of today, who need to think out of the box. Leos also feature heavily in the list with 10% of the founders having this sign. The natural-born leaders also known for their self-assurance are also courage — all that takes to start and run a business from ground-up. Star signs of self-made entrepreneurs who run successful companies <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Star signs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Examples </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Virgo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukund Jha (Dunzo), Hemant Jalan (Indigo Paints), Siddhant Saurabh (Zupee), Uttam Digga (Porter) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cancer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neetish Sarda (Smartworks), </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Leo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bipin Preet Singh (MobiKwik) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gemini </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vimal Kumar (JusPay) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scorpio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sushil Agarwal (Aavas Financiers) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capricorn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jahangir Mohammed (Twin Health) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sagittarius </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pranav Goel (Porter) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Libra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chandan Joshi (MobiKwik) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Taurus </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Harsh Binani (Smartworks) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aquarius </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pravin Agarwala (BetterPlace) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Saurabh Tandon (BetterPlace) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pisces </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashok Boob (Clean Science and Technology) </td></tr></tbody></table>Source: IDFC First, Hurun This millennium is ruled by startups – at least that’s what the Hurun and IDFC First report indicates. But their contribution to the economy is also massive. The top 200 companies that make up the list have created wealth to the tune of ₹30 lakh crore. That’s as big as the GDP of Denmark. Retail billionaires — Radhakrishna Damani of Avenue Supermarts (DMart), and Binny Bansal and Sachin Bansal who founded Flipkart are the top wealth creators since 2000. And, they have started from scratch. “This is a testament to the immense value that these entrepreneurs have created. It is also noteworthy that approximately 25% of these companies are publicly listed, and 34% have expanded their operations globally, showcasing the global ambitions of Indian entrepreneurs” said Anas Rahman Junaid, founder &amp; managing director of Hurun India. Most of the list, as expected, is dominated by startups – unicorns and soonicorns. It indicates that a new-era of companies and the digital economy is ruling the wealth creation sphere. “If India stays on such course of investing in physical, digital, and social infrastructure and continue with reforms, we will all see the miracle of India transforming into a developed country within our lifetimes, exceeding per capita income of $15,000 by 2050,” said V Vaidyanathan MD &amp; CEO, IDFC FIRST Bank. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/new-indias-greatest-wealth-creators-are-90s-babies-born-without-a-silver-spoon/articleshow/105623349.cms">New India’s greatest wealth creators are 90s babies, born without a silver spoon</a> <a href="https://www.businessinsider.in/stock-market/news/stellar-listing-gains-book-profits-if-there-are-bumper-gains-say-experts/articleshow/105630290.cms">Stellar listing gains: Book profits if there are bumper gains say experts</a>

The sure shot ‘signs’ of a successful entrepreneur

Bengaluru-based mobile payments startup <keyword id="3259695" type="UNKNOWN" weightage="100" keywordseo="Juspay">Juspay</keyword> has raised Rs 40 crore in series-A round of funding from <keyword id="144381" type="COMPANY" weightage="100" keywordseo="Accel-Partners">Accel Partners</keyword>, the venture capital firm. Not only this, it has also raised capital from Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, the founders of online ticket booking app <keyword id="600792" type="UNKNOWN" weightage="100" keywordseo="BookMyShow">Bookmyshow</keyword> founders. 
 
The company representatives said that the funds will be used to build its product. 
 
In the funding, Juspay, which was founded three years back, was valued at over Rs 200 crore. The company also has India Value Fund partner and former Network18 CEO Haresh Chawla as an angel investor. 
 
The deal has given Accel about 20% stake in the company, one of the persons aware of the matter told ET. 
 
Accel, which typically invests less than Rs 6 crore in very early stage companies, cited the attractiveness of the startup and broader payments space for this huge investment. 
 
Juspay was founded by former Amazon engineer Vimal Kumar and Ramanathan RV in 2012, while Bloomberg executive Sheetal Lalwani joined them in 2014. 
 
Their technology helps companies simplify payments by aggregating different services across net banking, wallets and cards. It also helps merchants in improving success rate of payments on the platforms. 
 
It can boast of India's top ecommerce platforms like Amazon India, Snapdeal, Bookmyshow, Makemytrip, Yatra, Swiggy, Freecharge, Foodpanda and Jabong as its clients. 
 
<a href="http://d152j5tfobgaot.cloudfront.net/wp-content/uploads/2014/11/Vimal-Ram-Juspay-Safe.jpg">Image source</a>

JusPay raises Rs 40cr from founders of Accel and Bookmyshow

In 2004, Khitish Kumar Pandey took 10,000 rupees ($150) out of his pension and put it into a savings plan run by India's embattled Sahara conglomerate. The Sahara agent told him his money would triple in 10 years. 
 <keyword id="61466" type="COMPANY" weightage="100" keywordseo="Sahara-India-Pariwar">Sahara India Pariwar</keyword> (family) had become one of India's most successful companies over the past three decades with this kind of financial alchemy, turning tiny deposits into dreams for small farmers, rickshaw pullers and food vendors with little financial knowledge. 
 
Pandey, a 78-year old resident of Patna, said the Sahara agent promised him his money would grow to roughly 30,000 rupees when the time deposit matured in October of last year. His investment documents contained a sample illustration showing how a 10,000 rupees deposit would increase to 25,940 rupees over 10 years, or about 10 percent a year. 
 But when Pandey went to the Sahara ranch to redeem his deposit, the office told him he could have 15,000 rupees immediately - if he agreed to transfer the remaining 15,000 rupees he was owed to <keyword id="3181525" type="UNKNOWN" weightage="100" keywordseo="Humara-India-Credit-Cooperative-Society-Ltd">Humara India Credit Cooperative Society Ltd</keyword>, Pandey said. He has so far not accepted that offer. 
 
Humara is a new Sahara fund-raising vehicle with operational ties to the conglomerate, according to investor documents reviewed by Reuters and interviews with Sahara agents in different parts of India. 
 
"The agent sold me a dream then, and now he has vanished," said Pandey, who said he has gone to the Sahara branch office in Patna, the state capital of Bihar, four times over the past few months. "Every time they send me back with one assurance or another," said Pandey. "We are completely helpless. We don't know who to approach and how to get my money back." 
 Sahara and its founder <keyword id="31933" type="PERSON" weightage="100" keywordseo="Subrata-Roy">Subrata Roy</keyword> have been under scrutiny for years over its financial products, including for possible money laundering. 
 
Over the past four decades, Roy has built an empire from his small deposit schemes that includes overseas hotels such as New York's Plaza and London's Grosvenor House, television stations, a sprawling community resort outside Mumbai, and a stake in a Formula One racing team. 
 
Over the years, Roy has had his picture taken with the likes of Barack Obama and Bill Clinton, David Cameron and the Dalai Lama. But he has spent the last 21 months in New Delhi's Tihar Jail for not complying with a Supreme Court order to return 360 billion rupees ($5.4 billion) to investors who put money in a 2008-11 Sahara time deposit plan. 
 
PUSHING FOR TRANSFERS 
 
The Supreme Court said the 2008-11 plan violated market disclosure regulations on raising capital, including failure to file a prospectus - a legal document that provides details about a financial product for investors - with the markets regulator. 
 
Selling time deposit plans through loosely regulated credit cooperatives is not illegal in India. 
 
Like Sahara's now banned 2008-11 scheme, the new deposit plans are sold through the group's vast network of agents across the country. They collect deposits from investors for a fixed period of time and promise to return the money at interest rates higher than what banks offer. 
 
In addition to hunting for new customers, Sahara agents and branch officials are also trying to get Pandey and other investors in older Sahara savings plans to switch into the new credit cooperative schemes, according to Reuters interviews with these investors. 
 
Sajan Poovayya, who has litigated corporate and commercial cases before the Supreme Court and is a founder of Bangalore-based law firm Poovayya &amp; Co, says Sahara could be violating the law if it is forcing investors to convert their maturing deposits into a credit cooperative plan. 
 
"The minute you actually breach your obligation to pay me, and rather than paying me force me to get into a cooperative movement, that I think erodes the very ethos of the cooperative movement on one side and clearly, of course, flouts the law because there is a contractual violation in you not returning the money. 
 
Sahara did not respond to repeated Reuters requests for comment. 
 
NO MATURITY DATE 
 
Most of the nearly two dozen investors in the old Sahara plans that Reuters spoke to stopped short of accusing the conglomerate of forcing them to convert their plans. But they said Sahara officials refused to allow them to redeem their matured deposits until they agreed to do so. 
Reuters reviewed savings certificates provided by investors that showed the transfers. The agents never make the requests in writing; it's all verbal, the investors say. In at least one case, the investor claimed her money had been transferred from her old Sahara plan to a new credit cooperative society despite her opposition. 
 
Most of the savings certificates that investors showed to Reuters make no mention of either the maturity date or the interest to be paid on maturity. Such omissions violate Indian laws requiring companies that run savings deposit plans to clearly mention all the terms, said Ramanand Mundkur, managing partner of Mundkur Law Partners. 
 
A few certificates that Reuters reviewed did state that investors could expect an interest rate of 10-15 percent for a one-year deposit. That compares to 7-8.5 percent offered by commercial banks. 
 
Vimal Kumar Sinha, the head of Sahara's Patna operations, said some recent Sahara payments to customers were delayed because of the difficulties the company faced as a result of the Supreme Court case. 
 
He declined to comment on individual cases, such as Pandey's. But, he said, some Sahara agents were probably coaxing investors to convert their savings into another financial plan without the company's knowledge. 
 
WEAK OVERSIGHT 
 
Credit cooperatives are widely used by India's rural poor as an alternative bank. Nearly two-fifths of India's 1.27 billion people lack a bank account - most of them live in rural areas. 
 
Sahara turned to credit cooperatives mainly because of their relatively weak oversight, said current and former senior Sahara employees, who said they were briefed on the these financial plans by Sahara's senior management. Those that operate across state lines are registered not with the central bank but with the credit cooperatives division at the Ministry of Agriculture. 
 
The first of the Sahara credit cooperatives, Sahara Credit Cooperative Society Ltd, was set up in 2010, around the time when India's markets regulator started investigating the Sahara bond scheme the Supreme Court would later declare illegal. 
 
Sahara has started three more credit cooperatives since January 2014: Humara India Credit Cooperative Society, Stars Multipurpose Cooperative Society and Saharayn E-Multipurpose Society. 
 
The credit cooperatives division said it had asked for an explanation from Sahara Credit Cooperative Society after receiving complaints of non-payment from investors. The division said in a letter sent in reply to a Reuters request for information under India's Right to Information Act, that it had not received a response from Sahara Credit Cooperative Society. 
 
Pressuring investors, such as Pandey, to transfer their deposits from older Sahara financial plans to a credit cooperative is against regulations, a senior official at the credit cooperatives division said when told of the cases Reuters had discovered. 
 
OPERATIONAL LINKS 
 
The official at the cooperatives division was not aware that Sahara was operating credit cooperatives, such as Humara India, the cooperative Pandey and others were asked to switch into. He said the division does not have the resources or punitive provisions to closely monitor more than 1,400 multi-state credit cooperative societies across the country. 
 
The Reserve Bank of India (RBI), the country's central bank, said it was scrutinizing the rapid growth of credit cooperatives, introduced in 1984 as a self-help tool in rural areas where banks are scarce. 
 
"We are looking into it, particularly multi-state credit cooperatives," RBI deputy governor S.S. Mundra told Reuters. The RBI, he added, should oversee all deposit-taking institutions, including the credit cooperatives. He declined to comment specifically about Sahara's credit cooperatives. 
 
While most credit cooperatives are owned by their members, Sahara's credit cooperatives have operational links to the conglomerate, according to investment documents from Sahara's customers and data at the ministry of corporate affairs. 
 
Sahara's credit cooperatives - Humara India Credit Cooperative, Star Multipurpose and Saharayn - are active in most states, according to documents obtained from the cooperative division through the Right to Information Act. 
 
Investment certificates from those three cooperatives shown to Reuters either display a hologram with the Sahara logo - featuring India's flag and the traditional hand-loom symbol with the Sahara name written in small letters - or show the Sahara name in the background. 
Humara India and Saharayn did not respond to requests for comment on their links with Sahara. 
 
Stars' head office in Hyderabad is located in a building that also houses other Sahara group firms including its life insurance and asset management unit. 
 
Ranga Charyulu, who introduced himself as deputy manager at Stars, said the cooperative society was not linked to Sahara but was just leasing office space from Sahara. He declined to give the name and contact numbers of Stars' chief executive or provide any other details. 
A visit paid to a Sahara branch in India's second-largest city of Kolkata showed the Kolkata branch has a Humara India sign at the entrance, flanked by banners of Sahara-branded investment products, such as Sahara Life Insurance and Sahara Mutual Fund. 
 
When asked for more information about Humara India, the receptionist directed Reuters to Sahara's head office in Kolkata, the state capital of West Bengal. 
 
GROWING LIABILITIES 
 
As a private company tightly controlled by Roy, Sahara's finances are largely a mystery. 
 
Sahara's recent moves to raise fresh money through cooperatives has increased by $2 billion the total amount of money it owes its investors when their plans mature, according to two senior Sahara employees, one of them a director in a credit cooperative. 
 
The total has now grown to $7.5 billion - and included the $5.4 billion the Supreme Court has ordered Sahara to repay investors from the 2008-11 scheme, the senior Sahara employees said. 
 
This disclosure to Reuters contradicts what the company has told the Supreme Court: that it has already repaid 95 percent of its roughly 30 million investors in the 2008-11 scheme. 
 
Sahara is also struggling to pay its own staff in the midst of its push to raise cash through credit cooperatives. Employees have staged public protests and agents have quit over the issue. 
 
"It was always a one-man show at Sahara," said Kundanlal Sahgal, a Sahara agent in Patna who has stopped trying to sell the new deposit schemes because he is being badgered by people asking for their money and because Sahara has stopped paying him commissions. 
 
"Now that the man has gone to jail everything has come to a standstill and no one knows what will happen to the investors or the agents like us," Sahgal said. 
 
<a href="http://dd508hmafkqws.cloudfront.net/sites/default/files/Sahara%20Logo.jpg">Image source</a>

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