Sahara Funds

Sahara Group founder Subrata Roy's death last week brought to focus the undistributed funds of over Rs 25,000 crore lying with the share market regulator for more than a decade.

The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the death of Sahara Group's chief Subrata Roy.

The Supreme Court on Wednesday allowed a plea by the Centre seeking allocation of Rs 5,000 crore out of Rs 24,000 crore deposited by the Sahara group with market regulator Sebi to repay dues of the depositors.

Sahara Group has said it is unreasonable to ask it to deposit more money as funds worth Rs 24,000 crore are lying unutilised with SEBI for nine years

The investment offer, proposed as a debt arrangement, comes at a time when the Supreme Court has ordered auction of the Aamby Valley resort town between Mumbai and Pune in Maharashtra.

The embattled Sahara group has extended the bidding deadline for sale of its 30 properties till May 20 as prospective buyers, which include Tatas, Godrej and Adani, have sought more time to complete due diligence.

Scurrying for funds, embattled Sahara group has got a USD 1.3 billion offer from a new suitor for its three prized overseas hotels including the Grosvenor House and Park Plaza.

Scurrying for funds, embattled Sahara group has got a $1.3 billion offer from a new suitor for its three prized overseas hotels including the Grosvenor House and Park Plaza.

An e-auction began on Monday for sale of land parcels belonging to the beleaguered Sahara group for recovery of funds by the Securities and Exchange Board of India (Sebi), amid concerns that sluggish market conditions might make it hard to attract buyers.

As it gears up to auction Sahara properties worth thousands of crores to recover further funds, the Securities and Exchange Board of India's Sahara Refund Account has swollen to Rs 11,727 crore with interest but it has been able to refund just about Rs 55 crore so far to the investors.

Sahara Group has been making efforts to raise funds including through refinancing of loans on these two hotels as also on the historic Grosvenor House property in London, to ensure release of its chief Subrata Roy from jail. He has been lodged in New Delhi's Tihar Jail for over two years.

As it scurries to garner funds to ensure release of its jailed chief Subrata Roy, the embattled Sahara group has begun another mammoth exercise of taking back loads of investor documents it had given to the Securities and Exchange Board of India (Sebi) in 128 trucks over three years ago.

Sahara group has been engaged in a long-running regulatory and legal battle with Sebi ever since the regulator ordered refund of a massive amount of over Rs 24,000 crore by two Sahara entities. Recently, Sebi had also cancelled the Portfolio Management licence of a Sahara firm.

If Sahara fails to raise the cash, the top court warned "it will be left with no option but to appoint a receiver for selling your properties".

The court will appoint a receiver and auction the conglomerate's properties if it fails to submit a proposal to raise the funds, said a lawyer for the market regulator, which is seeking redress for millions of investors.

Sahara Group founder Subrata Roy's death last week brought to focus the undistributed funds of over Rs 25,000 crore lying with the share market regulator for more than a decade.

The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the death of Sahara Group's chief Subrata Roy.

The Supreme Court on Wednesday allowed a plea by the Centre seeking allocation of Rs 5,000 crore out of Rs 24,000 crore deposited by the Sahara group with market regulator Sebi to repay dues of the depositors.

Sahara Group has said it is unreasonable to ask it to deposit more money as funds worth Rs 24,000 crore are lying unutilised with SEBI for nine years

The investment offer, proposed as a debt arrangement, comes at a time when the Supreme Court has ordered auction of the Aamby Valley resort town between Mumbai and Pune in Maharashtra.

The embattled Sahara group has extended the bidding deadline for sale of its 30 properties till May 20 as prospective buyers, which include Tatas, Godrej and Adani, have sought more time to complete due diligence.

Scurrying for funds, embattled Sahara group has got a USD 1.3 billion offer from a new suitor for its three prized overseas hotels including the Grosvenor House and Park Plaza.

Scurrying for funds, embattled Sahara group has got a $1.3 billion offer from a new suitor for its three prized overseas hotels including the Grosvenor House and Park Plaza.

An e-auction began on Monday for sale of land parcels belonging to the beleaguered Sahara group for recovery of funds by the Securities and Exchange Board of India (Sebi), amid concerns that sluggish market conditions might make it hard to attract buyers.

As it gears up to auction Sahara properties worth thousands of crores to recover further funds, the Securities and Exchange Board of India's Sahara Refund Account has swollen to Rs 11,727 crore with interest but it has been able to refund just about Rs 55 crore so far to the investors.

Sahara Group has been making efforts to raise funds including through refinancing of loans on these two hotels as also on the historic Grosvenor House property in London, to ensure release of its chief Subrata Roy from jail. He has been lodged in New Delhi's Tihar Jail for over two years.

As it scurries to garner funds to ensure release of its jailed chief Subrata Roy, the embattled Sahara group has begun another mammoth exercise of taking back loads of investor documents it had given to the Securities and Exchange Board of India (Sebi) in 128 trucks over three years ago.

Sahara group has been engaged in a long-running regulatory and legal battle with Sebi ever since the regulator ordered refund of a massive amount of over Rs 24,000 crore by two Sahara entities. Recently, Sebi had also cancelled the Portfolio Management licence of a Sahara firm.

If Sahara fails to raise the cash, the top court warned "it will be left with no option but to appoint a receiver for selling your properties".

The court will appoint a receiver and auction the conglomerate's properties if it fails to submit a proposal to raise the funds, said a lawyer for the market regulator, which is seeking redress for millions of investors.