Antim Vidai of Rev. Chhabi Roy, mother of 'Saharasri' Subrata Roy Sahara

This is a glimpse into the kind of respect Smt Chabbi Roy commands. For even in death she is beseeched with an outpouring of love that is rarely seen these days. This video speaks more about the kind of woman she was and what she meant to people than any other form of tribute.

The Last Journey of Rev. Smt. Chhabi Roy, Mother of Saharasri Subrata Roy Sahara

The last rites of Reverend Smt. Chhabi Roy, mother of Saharasri Subrata Roy Sahara, has been performed yesterday dated 7th May 2016, in Baikunth Dham, Lucknow.
The last journey of Reverend Smt. Chhabi Roy has been attended by more than 50,000 people, including the family members of Sahara India Pariwar and the well wishers, including Shri Akhilesh Yadav - Hon'ble Chief Minister, Uttar Pradesh, Shri Shivpal Singh Yadav - Cabinet Minister, Uttar Pradesh, Shri Amitabh Bachchan, Shri Abhishek Bachchan, Shri Raj Babbar and his wife Smt. Nadira Babbar, Yoga guru Shri Bikram Choudhury, hockey Olympian Shri Dhanraj Pillai and many more. Shri Amitabh Bachchan and Saharsri Subrata Toy Sahara spent a considerable amount of time together in Sahara Shaher at Gomti Nagar, Lucknow.
At 4:30 PM, the funeral procession started for Baikuntha Dham. The open truck carrying Rev. Smt. Chhabi Roy was swarmed by the family members of Sahara India Pariwar. Wading through the crowd, Hon'ble Chief Minister of UP, Shri Akhilesh Yadav stopped near the gates to offer floral tributes. The procession turned into padyatra to reach its destination st 5:45 PM. Moments before sunset, Saharasri performed the mukhagnee ritual.

Subrata Roy’s success at being positive

When it comes to naming multi-faceted personalities, there are many who would say that Subrata Roy is a name that pops up in their mind almost instantly. It’s an unconventional choice but it is also a choice with merits because Subrata Roy is a man that has built a multi-billion dollar empire through sheer hard work, resilience and dedication. Along the way (and more importantly), Subrata Roy has built a loyal workforce/family that looks upon him with the utmost respect.

Life as we know, is not always a bed of roses and we all have problems to deal with and proverbial mountains to climb. Most of us in that phase of our lives tend to divert our energies into something negative.  Some of has however choose to channel our energies into something positive and Subrata Roy has done exactly that by writing a series of books from his present ‘lodging’, the first of which is called ‘Life Mantras’.

‘Life Mantras’ consists of Subrata Roy’s earnest musings on the important qualities and things in life. Some of these qualities and things are things like balance, love, respect, the value of time and money. Time and money have been explained in detail by Mr Subrata Roy who seems to hold both of them in equal and high regard. He is after all bound to have some things to say about what it takes to be successful in life in almost all areas. That is truly the crux of this beautiful book – attaining success in not just one but all the important spheres.

One of the main things that Mr Subrata talks about in this book is respect. He goes into detail about respect for specific things like time and money along with love and family. And he also has tips for maintaining a beautiful balance among all of those things. So the book is not only helpful in attaining success in the professional sphere but it also has wisdom that deals with leading a successful personal life as well. ‘Life Mantras’ is very complete and well-rounded sort of guide in life. 

Sahara chief Subrata Roy’s mother passes away

With a deep pain and anguish, We are to inform that mother of 'Saharasri' Subrata Roy Sahara and the guiding light of our Sahara India Pariwar, Rev. Smt. Chhabi Roy, departed for her heavenly abode today i.e. 6th May,  2016 at 1:34 a.m. in the night. Smt Chhabi Roy wife of Late Shri Sudhir Chandra Roy was 95 year old. She was born on 15th of January in Araria district of Bihar. She has been critically ailing with for last more than 2 years and was at a makeshift hospital at Sahara Shaher, Lucknow. 

Sahara India Pariwar

Statement from Sahara's lawyer - Mr. Gautam Awasthi

Pertaining to the today’s hearing of Sahara SEBI case there are few points on which we would like to request you to kindly clarify to your esteemed readers/audience

1.             Hon'ble Supreme Court has directed to prepare and submit a plan of the sale of 86 properties of Sahara of which title deeds are already submitted by Sahara. We would also like to clarify that order is not on the other properties of Sahara and neither these 86 properties includes the foreign properties of Sahara nor Aamby Valley City nor Sahara Star hotel.

2.             Hon’ble Supreme Court directed SEBI that in process of selling properties it has to take inputs and consultation with Sahara.

3.             Meanwhile, today, Sahara has completed the payment of Rs. 5,000 Cr cash component and only Rs. 5,000 Cr bank guarantee component is left. Senior counsel of Sahara, Mr. Kapil Sibal has submitted that since the worth of Sahara’s 86 properties whose original documents are with SEBI for long, is of worth of more than Rs. 40,000 crores and is more than Rs. 5,000 crores of the required Bank Guarantee. The SEBI to get the properties valued and if the admitted valuation is more than Rs. 5000 crore and was contended by Sahara that it should be treated as security and Mr. Subrata Roy Sahara and two Sahara directors be released. To this Hon’ble Court has directed SEBI to work on this proposition

Gautam Awasthi, Advocate

Counsel for Sahara

Saharasri Subrata Roy Sahara’s book – ‘Life Mantras’ remains in top 5 for the last 4 weeks in the bestseller chart of Nielsen

·         The book hit number one spot in the recent week

Lucknow, March 21, 2016: ‘Life Mantras’ – An exhaustive and thought provoking treatise by Shri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, on his life-time experiences, observations as well as his insights on the day-to-day issues of people, has been in the top 5 in the bestseller chart of Neilsen for 4 consecutive weeks. According to Nielsen, bestseller list, last week, ‘Life Mantras’ topped the chart by ranking number one and has become bestseller in the non-fiction category of Nielsen BookScan. The book ‘Life Mantras’ is published by Rupa Publications.

The Nielsen BookScan service, which happens to be the world’s largest continuous book sales tracking service operating in India, the UK, Ireland, Australia, US, South Africa, New Zealand, Italy, Brazil and Spain, collects total transaction data at the point of sale directly from the tills and dispatch systems of all major book retailers. Nielsen collects data from online and offline booksellers including Bookadda, Crosswords, Connexion, DC Books, Flipkart, Indiatimes, Infibeam, Landmark, Landmarketail, Capital Book Depot, Rediff, Odyssey, Pageturners, TV18 Homeshopping, WH Smith India, ebay, Mahindra Retail, Relaince Timeout, Snapdeal, etc.

Within a month of its launch, the book - ‘Life Mantras’ has walked upright in the chart to acquire the status of a Bestseller. In his book, the author, Shri Subrata Roy Sahara, has elaborately detailed out the various psychological and emotional aspects of life vis-à-vis the basic instincts inherent in all human beings so as to bring forth the true beauty of the multi-dimensional human life.

The book ‘Life Mantras’ is the first among the ‘Thoughts from Tihar’ trilogy series and is available at all leading book stores across India as well as abroad. It is also available at all leading online portals and even in the form of an e-book. The other forthcoming books of the aforesaid trilogy series are 'Think with Me - How to make our country ideal’ and 'Reflections from Tihar - A book on Tihar Jail’. These other two books of the trilogy series will be released soon.

For further information please contact:

Ghulam Zeeshan

Corporate Communications

Sahara India Pariwar

Mob: 9792982666; Off.: 0522 - 2724545

email id : ghulam.zeeshan@gmail.com

Saharasri says to look within!

With his latest book ‘Life Mantras’, Subrata Roy Sahara, billionaire, business tycoon and philanthropist adds another feather to his cap by turning Author & Philosopher.

‘Life Mantras’ is the first of the trilogy 'Thoughts from Tihar'. The other two books in the trilogy are 'Think with Me' and 'Reflections from Tihar’.

In this book, Saharasri talks about finding true happiness and contentment within oneself and not with the World.

In today’s fast-moving world, where we don’t have time to stop and think, there is so much negativity around us. The lack of positivity gives rise to emotions like anger, jealousy and insecurity. With this book, Saharasri talks about ways of dealing with these obstacles using love, respect, knowledge, hard work, motivation and so on. Anybody can live a peaceful, happy and contented life even by slightly changing one’s attitude, slightly shifting one’s priorities and by making a few behavioural adaptations.

To quote the author, “After having gone through the book, you will definitely and convincingly realize that to achieve peace, true happiness, contentment, satisfaction and also to attain continuous progress in life in terms of material gains, respect and love, you need not depend on anybody in this world. It all depends on you. It is all in your hands.”

In his book, ‘Life Mantras’, the author goes on to explain that to make life truly beautiful, one also needs to understand the basic truths with which we are born with. As we make sense of these basic truths, we will slowly find a change, a sense of fulfilment, a self-motivation coming within us. And thus lead us to the ultimate realization that the journey of life is a blissful and an enlightening experience.

In 1978, Saharasri laid the foundation of Sahara India Pariwar with a mere capital of Rs.2000 (about $32) and three workers. Today, thirty-eight years later, the company’s net worth is a whopping Rs.1,80,000 crores (about $27 billion)! It takes a pioneer to have such Vision!

 Be it his philosophy of ‘Collective Materialism’ which means continuous collective growth for collective sharing and caring or his disciplined and focused way of living, Saharasri has been an inspiration to every budding entrepreneur in the country along with being a teacher, guide and proud guardian to his over 1.2 million fellow workers.

Here is hoping that with his book ‘Life Mantras’ this Pioneer and Visionary inspires the world with his Pearls of wisdom just like he always has!

Saharasri, Business tycoon, Philanthropist and now a Writer

Subrata Roy Sahara, founder and chairman of the Sahara group, popularly known as 'Saharasri' will be releasing his book ‘Life Mantras’, the first of the trilogy 'Thoughts from Tihar' nationwide today.

Saharasri has been serving his sentence in New Delhi’s Tihar jail since March 2014. Despite finding himself in legal tangles he doesn’t seem to be bogged down by the ongoing troubles around him.

He seems to have channelized all his energies into introspecting and either completing unfinished writing work or writing new thought provoking books and be headed on the path to enlightenment.

The book “Life Mantras’ talks about the philosophies that Saharasri himself has followed all throughout his life and various recollections of precious life experiences from this fierce business tycoon’s life. Be it his philosophy of Collective Materialism or his belief in hard work, honesty and discipline that is required to make life beautiful, productive and progressive, the book has it all.

This book talks about the qualities you need to inculcate in yourself to ensure that your life is beautiful and about how to face life in the wake of hardships and hurdles. Through his book, Saharasri talks about ways of dealing with obstacles on a wide range of issues – love, respect, knowledge, hard work, inner self, behaviour, health, motivation and so on.

Subrata Roy Sahara, in this book, goes on to explain that to make life truly beautiful, one also needs to understand the basic truths with which we are born with. In other words, one needs to be aware of the realities of life. As one indulges oneself in the potent energy of these ‘Life Mantras’, a change will be seen visibly, a sense of fufilment, one will be surrounded with a self-motivating energy. The book talks about how one will be led to the ultimate realization that the journey of life is indeed a truly blissful and an enlightening experience.  This is quintessential for anyone seeking peace and success, professionally and personally.

Will Saharasri be able to take the country by storm with this new beacon on knowledge? Only time will tell.

Why I want to read Subrata Roy’s book titled Life Mantras

A wise person once said, “situations can make or break you”. You can either let the situation affect you and your outlook or you can see how to make the most of it. Life Mantras written by Saharasri Subrata Roy isn’t an autobiography but rather a philosophy of sorts derived from his current as well as past life scenarios. Having been imprisoned since 2014, Subrata Roy has indeed faced hardships. The judicial case launched against him has not only shaken his empire but also the perception people have of him. It may seem hard to form an idea of who Saharasri really is but as the saying goes ‘as a man thinketh so he is’. Life Mantras is Saharasri Subrata Roy’s reflection of his mind and the life experiences/ jewels that he dwells on. Being in jail may have confined him physically but Subrata decided that four walls could not confine his free-spirited mind and his generous heart to share his knowledge with the world. Managing a business as large as Sahara India not only helped Subrata Roy perfect his business skills but also helped him gather knowledge on understanding human life. Having successfully managed over 12 lakh workers under him he also strove to implement his philosophy of ‘Collective Materialism’, which propagates collective growth. Although now in jail and not heading his employees, Subrata has not stopped putting forward this philosophy and has completed a trilogy titled Thoughts from Tihar. The books in this trilogy are titled as Life Mantras, Think with Me, and Reflections from Tihar, all of which are philanthropic in nature and shed light on how to have a more fulfilling life full of happiness, contentment, and peace. Although not an autobiography, his book talks of his real-life experiences and involves you in their rawness. It may seem as one among many books but I’d like to hear the thoughts of a man who has gone through so much and still chooses to follow his philanthropic heart.

Why I want to read Subrata Roy’s book titled Life Mantras

A wise person once said, “situations can make or break you”. You can either let the situation affect you and your outlook or you can see how to make the most of it. Life Mantras written by Saharasri Subrata Roy isn’t an autobiography but rather a philosophy of sorts derived from his current as well as past life scenarios. Having been imprisoned since 2014, Subrata Roy has indeed faced hardships. The judicial case launched against him has not only shaken his empire but also the perception people have of him. It may seem hard to form an idea of who Saharasri really is but as the saying goes ‘as a man thinketh so he is’. Life Mantras is Saharasri Subrata Roy’s reflection of his mind and the life experiences/ jewels that he dwells on. Being in jail may have confined him physically but Subrata decided that four walls could not confine his free-spirited mind and his generous heart to share his knowledge with the world. Managing a business as large as Sahara India not only helped Subrata Roy perfect his business skills but also helped him gather knowledge on understanding human life. Having successfully managed over 12 lakh workers under him he also strove to implement his philosophy of ‘Collective Materialism’, which propagates collective growth. Although now in jail and not heading his employees, Subrata has not stopped putting forward this philosophy and has completed a trilogy titled Thoughts from Tihar. The books in this trilogy are titled as Life Mantras, Think with Me, and Reflections from Tihar, all of which are philanthropic in nature and shed light on how to have a more fulfilling life full of happiness, contentment, and peace. Although not an autobiography, his book talks of his real-life experiences and involves you in their rawness. It may seem as one among many books but I’d like to hear the thoughts of a man who has gone through so much and still chooses to follow his philanthropic heart.

Sahara Latest News

Huge -Sahara News Network- News Room --we learn a lot from here मानो या न मानो मगर है सच -----हमारी कर्मभूमि इंडिया का सबसे बड़ा मीडिया परिवार और सबसे बड़ा न्यूज़ रूम The most wonderful part of all our lives,job tasks, experiences were spent at this place. We treasure the Sahara News Room सबसे बड़ा और सुंदर न्यूज़ रूम , our reporters,editors, our senior trainer our canteen, print area , 15 Aug parade,26 jan and bharat parva and many more activities, the fun moments, the free time, the assignments and shoot trip and now a days some crises be there we have to tackle it very sincerely. old employees keeps on coming frequently in happy hrs and recall/share those sweet memories and couple of days that they spent here & join and Stay in touch with old frenz who are still wating for good days. very soon or in very near future we all are expecting good for Sahara TV / News Print and Parivar and & Sahara been marching forward on the path of success, adding new milestones on each coming days . Our knowledge improved greatly every day .The great reporting & journalism Team we have & Technically IT Division/AV, very strong team too ..All are filled with joy in hearts,in such a financial crises but we went to play again in this calm and beautiful environment. सहारा प्रणाम

Sahara news

सूर्य उगना भूल सकता है, पानी प्यास मिटाना छोड़ सकती है , लेकिन सहारा इण्डिया परिवार के 12 लाख कार्यकर्ता जब तक साथ हैं तब तक कोई भी "सहारा" को झुका नही सकता है! मोदी भक्त होने के नाते चिंतित हू कि कहीं दिल्ली ना बन जाये "बिहार चुनाव" भाजपा के लिए !! क्योकि कोन्ग्रेसी बन चुकी है "सेबी" !! वास्तव में बिहार में 1 लाख सहारा कर्मी और 1 करोड सम्मानित जमाकर्ता हैं जबकि दिल्ली में इसकी 30% उपस्तिथि थी क्या बिल्कुल ही नासमझ हैं भाजपा के कर्णधार !!! मेरे इशारे को समझो जैसे कोन्ग्रेस दफ़न कर दी वैसा ही भाजपा के साथ ना हो जाये ना तब सहारा श्री जी से किसी ने पूछा था ना अब कोई पूछेगा बस तब अच्छे दिनो की आस में किया था और अब आस टूटने के डर से कर देंगे कोन्ग्रेसी हो चुकी सेबी को हिंदी में समझाओ भाजपा के कर्णधारो !!!!!

Sahara Breaking news

12 लाख लोगो का समूह देखकर सेबी को सहारा की शक्ति का अंदाजा लगाना चाहिये।-।सहारा श्री ने अकेले अपने बलबूते पे लाखों रोजगार दिये हैं और वो भी बड़े सुख शांति और संतुष्टि पूर्ण वातावरण में -ऐसा उदाहरण कहीं नहीं देखने को मिलेगा ,इतनी कठिन परिस्थिति में भी सीना तान के खड़ा है सहारा और लोगों को भी नहीं निकाला गया ----सहारा के समर्थन में उतरे थे बाबा रामदेव जिन्होने कहा की सहारा श्री के साथ पक्षपात पूर्ण तरीका अपनाया गया हैं सलमान खान 15 साल से जमानत पे बहार है वो भी 5 साल की सजा सुनाने के कोर्ट के आदेश के बाद,ऐसा ही जया ललिता के साथ हुआ,ये सब अन्याय है . .और महा घोटेले बाज महाठग लालू यादव 940 करोड़ के बाद फ्री में , बहार आ गया - और ये तीनों सही मायने में अपराधी हैं और सहारा श्री एक कट्टर देश भक्त. इंसान

Wishing Hon'ble Saharasri Subrata Roy a very Happy Birthday.

Hon'ble Saharasri has inspired thousands of people to dream higher, so his birthday is marked as “Prerna Diwas” and celebrated by people who believe in his philosophy. Today, on this auspicious occasion we want to wish Subrata Roy a very Happy Birthday.

Subrata Roy is one among the top 10 most powerful businessman India can ever have. He is the founder and chairman of the famous Sahara India and has achieved more than fifteen awards for being the best Industrialist.

On 10th June, 1948, Subrata Roy was born in the district of Araria, Bihar. He was a very bright child, he also holds a diploma in Mechanical Engineering. Before he founded Sahara, he had already gathered 32 years of precious experience in business development along with 18 years of experience in real estate business. 

He opened his first office in Gorakhpur, which consisted of a table and two chairs along with a staff of one clerk and a runner boy. Initially he single headedly took up the business of Deposits and Para banking. But his life took a new turn in 1990s when he moved to Lucknow and set his business empire which is now over Rs.50, 000 crore. From there, it went on to become the largest conglomerate of India with a diversified range of business interests.

Apart from his business skills, he is also a humanitarian, he contributed to the relief efforts in flood hit Uttarakhand region by providing them the basic amenities along with free medical facility. He always believed in creating a family rather than a company. Which he did successfully, in a span of just 29 years, Sahara India has seen enormous growth as Roy was the driving force behind this success.

BAIL CASH ‘ARRANGED’, SUBRATA ROY READY FOR FAREWELL TIHAR

Buzz in Delhi says the Sahara boss, who is organising a series of entertainment shows for the prison staff and inmates, could be a free man before the summer holidays.

They are calling it Farewell Tihar. Encouraged by reports that the Rs 10,000 crore needed for bail has been finally organized, Sahara boss Subrata Roy is getting ready to leave Delhi's maximum-security prison. The capital is abuzz with news that the cash has finally been organized by the Lucknow-based conglomerate and that Roy could end his 14-month hiatus - a record for a corporate captain of his stature - around the time the courts close for summer holidays. 

Roy was imprisoned after he failed to appear for multiple court hearings in his firm's legal battle with the Securities and Exchange Board of India (SEBI). The funds raised are to help repay lakhs of small-town investors who trusted Sahara's "chit funds" with their savings. Roy must pay Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantees to the Supreme Court. His company has paid Rs 3,117 crore to date. 

"We have been trying hard to raise funds to secure his release," said a Sahara India spokesperson. "We are pledging whatever we can at this point in time to ensure his exit from Tihar. We are confident we will be able to raise the money to secure his release before the summer holidays." 

It is reliably learnt that to secure Roy's release, Sahara is pledging whatever real estate the group has. 

Highly placed sources in Tihar claim the 14-month incarceration has left Roy - who called himself managing worker, once wore cash on his shirt and fancied parties with floral rains from a helicopter - a transformed man. On March 4, Roy, 67, marked a star sign on his prison wall to indicate a year in jail. 

The Sahara chief, who has kept himself fit by playing badminton regularly, has been keeping track of his business, indicating to his staffers that once out his immediate focus would be on media outlets like its television channels and newspaper. Late last month, he called a meeting of regional media heads and asked why their channels were not among the top three news channels. Cash and staff morale were problems, he was told. It is reliably learnt that Roy has given 25 days to his managers to come back to him with a game plan for the channels. 

Roy has continued his motivation letters from the prison to his employees, two of whom have already committed suicide. "I am coming out soon, have faith in me, the company. Work hard, please do not get worried about salary delays," he wrote. "I do not have a magic wand in my hand. We are going through a crisis... But we will grow, faster than before." 

Meanwhile, Roy has other plans - among them a grandiose farewell to the jail staff and prisoners in the form of a series of entertainment shows. The first one was held last year when singers Sapna Mukherjee (of Tridev fame) and Sonu Nigam performed for three hours before a packed audience. Bollywood star Salman Khan, who has tried unsuccessfully to meet Roy, has also agreed to perform at Tihar. And last month, the jail authorities - encouraged by Roy - have started a Sunday morning series involving top classical musicians. Two weeks ago, Grammy nominee flutist Ronu Mazumdar performed in Tihar. "Many lined up for classes with me," the musician said. 

Next on the list is a sitar-cello duet by Subhendra Rao and Saskiya Rao. "We want to bring positivity in the lives of the inmates," said Alok Kumar Verma, director general (prison). 

Dipayan Mazumdar, head of Legends of India, the Delhi-based cultural group organizing the shows with Tihar, is optimistic of roping in Roy - even after he leaves the prison - to continue the shows throughout the year. "It will be a big help," said Mazumdar. 

Roy has also been meeting prisoners during the daily "free time". He has advised many to start their own business because of India's troubled job market, recounting days when he drove a Lambretta scooter across Lucknow to promote his company. The book he wishes to write is almost ready, Roy has been writing for one or two hours every day. He wants to write on prison reforms and, of course, on those who "forgot him", including friends from the corporate world and Bollywood stars. 

"You know who are your friends when you are in bad times," Roy wrote in his last motivational letter to employees. In the jail he has, however, remained silent when asked about his "betrayers".

Sahara to take legal action against Mirach

Sahara India Pariwar went on the offensive on Thursday accusing Mirach Capital of cheating and forgery in the failed $2.05-billion loan arrangement.

As reported earlier by Mail Today, it has now initiated legal action against the US-based firm and is now working on a new deal to raise funds to secure bail for its chief Subrata Roy.

The crisis-hit group alleged that Mirach and its CEO Saransh Sharma's criminal conduct and lack of financial capabilities to honour such huge commitments led to the breaking down of its deal, leading to precious loss of time, resources and position of Sahara.

"... Sahara is now taking legal action, both of civil and criminal nature, against such gross criminal conduct of MCG (Mirach Capital Group) and their officers, both in India as well as in the US," a Sahara spokesperson said.

He said that an FIR has already been filed in this regard, while adding that the group is now working on another deal and Sahara will comply the order (of the Supreme Court) very soon.

Mirach had on Wednesday formally called off its $2.05-billion loan financing for Sahara and said it has returned the entire due diligence fees of $2.625 million to them. It also accused Sahara of being an unwilling seller for the three overseas properties - The Plaza and Dream Downtown in New York and the Grosvenor House in London.

Shockingly, on January 9, Sharma along with a woman officer was also present in the Supreme Court when Sahara's counsel presented the said letter purportedly issued by Bank of America, based on which the apex court approved the transaction and permitted Sahara to apply to the Reserve Bank of India (RBI) for getting inward remittance in India.

Later on, Bank of America branch manager Nuno Marques informed through his e-mail dated January 31, 2015 that the said letter purportedly issued by him was neither issued nor signed by him. Hence, the letter turned out to be forged.

Subsequently, Sahara sent its officer to the US to confirm the veracity of Bank of America's letter and on February 2 filed an affidavit in the Supreme Court, informing it about these disturbing developments.

Meanwhile, upon inquiry, the Sahara officer confirmed that the Bank of America's letter was a fake, not issued or signed by the branch manager concerned. Thereafter, Sahara confronted Saransh, who was not been able to confirm the veracity of the said BOA letter.

Sebi makes fresh bid to find Sahara Investors

Sebi had received 4,900 refund claims during the August-September exercise from the bondholders of two Sahara companies --Sahara India Real Estate Corp Ltd (SIRECL) and

Sahara HousingInvestment Corp Ltd (SHICL), which had raised over Rs 24,000crore from about three crore investors.

While Sahara maintains it has already repaid more than 93per cent of the outstanding dues directly to the concerned bondholders and the remaining amount was just about Rs 2,500 crore, it deposited Rs 5,120 crore to Sebi in December 2012towards the investor refunds as per Supreme Court orders. Further money has been deposited by the group with Sebi subsequently and it is currently in the process of raisingmore funds to ensure release of its chief Subrata Roy from the jail.

Sebi began the refund process in May 2013, while asking eligible investors to submit their claims. However, the refunds made so far remain minuscule, although the regulator

has not so far made public the quantum of all such payments. Sahara has been maintaining that Sebi should verify the refunds made by it directly and claims to have submitted to

the regulator proof for nearly 75 per cent of refunds. It also says that the remaining 25 per cent refund proof is lying in its Mumbai godown to be given to Sebi.

Sahara also contends that bulk of its investors didn't have bank accounts and other formal financial papers, the details of which have been sought by Sebi. On the identification on Sahara's investors, Sebi has contested in the court that addresses of many investors given

by Saharas were incomplete as only village name, district and state is given without any house number or street/lane names.

On its part, Sahara has maintained that most investors are from rural India and had no house numbers or street names. In the new refund application form, Sebi had given a new

address format for rural investors, asking only village name, post office, district and state as against additional details like house number and street name for urban addresses.

In its latest annual report for the year ended March 31, 2014, Sebi had disclosed having received 3,612 refund applications involving 13,948 deposit accounts till that time in the Sahara matter.

Of those applications, Sebi made refunds in case of 445 applications involving an equal number of deposit accounts for an aggregate amount of about Rs 1.25 crore including interest

of about Rs 43.83 lakh. The other applications had deficiencies or fell under either 'mismatch' or 'multiple investment' category. "Out of the remaining 3,167 applications, in respect of

424 applications involving 1,683 deposit accounts, certain deficiencies were observed in the applications/supporting documents submitted by the applicants which were brought to

the notices of the applicants for their clarification/rectification, and replies are awaited from

them," Sebi said. Sebi also could not process 1,260 applications involving 7,159 deposit accounts as these were in multiple investment category, while 92 cases involving 92 accounts did not meet

the extant refund methodology adopted by the regulator. Besides, 1,776 applications involving 4,395 accounts could not be processed because of being 'mismatch category'.

STATEMENT FROM SAHARA’S COUNSEL, GAUTAM AWASTHI

In today’s hearing, the Hon'ble Supreme Court with a view to enable Sahara’s to raise money for fulfilling the bail condition, allowed the prayer of Sahara’s for taking over of the Bank of China loan on foreign Hotels by another creditor and it also permitted the raising of US $ 650 Million junior loan on second charge basis. Though, there is no requirement of RBI approval under the FEMA Regulations in the concerned transaction, yet on the objections of Amicus and SEBI Counsel, the Hon'ble Court has directed Saharas to seek RBI clarification, if its approval is needed at all or not. The Hon'ble Court made it clear that it has not expressed any opinion on the subject. In effect, the transactions can be taken forward till the point of parking the money in the accounts of Ambey Valley Mauritius Ltd., a 100% subsidiary of Ambey Valley Ltd. The Hon’ble Supreme Court also took note of the fact that the required money for the transactions is already available in the account of creditors which was certified by Bank of America. Further, with a view to give flexibility to the Sahara’s in expeditiously completing the above-mentioned transactions, the Hon'ble Court was also pleased to grant the facilities of housing to Saharasree and other two directors in a separate premises with the facilities of video conferencing telecommunication, Secretarial assistance, etc. which were earlier granted vide order dated 1st August, 2014. These facilities would be available till 20.02.2015.

Further, the Hon'ble Court has asked SEBI to explain the expenses it is stated to have incurred for disbursing Rs.2 Crore to investors. The SEBI wanted the approval of the Court on its expenditure of Rs.48 Crore for disbursing an amount of Rs.2 Crore to investors. The Hon'ble Court has granted liberty to Sahara’s for filing its objections on the expenditure incurred by the SEBI which will ultimately be borne by the Saharas.

Parrikar 'disturbed' at Subrata Roy's long incarceration

Statement from Sahara’s Counsel, Keshav Mohan Advocate

•    Supreme Court has agreed to hear the appeals of Sahara filed against SEBI’s regarding verification of investors
•          The Supreme Court does not have any intention to cripple the business of the company

In today’s hearing, the Hon’ble Supreme Court has clarified that Sahara can go ahead with junior loan against second charge on foreign properties and also permitted the taking over of the loan of Bank of China by another creditor, in order to raise money for obtaining the bank guarantee. The cheques amounting to Rs. 1900 crores relating to sale of domestic properties were handed over to SEBI in the Court. The Court, during the course of hearing, emphasized that the restraint order on parting away the assets of the company should not be taken as if the court has any intention to cripple the business of the company. Rather, the court observed that the company shall have full freedom to run all legitimate businesses and the directions of the Court are not to prohibit the regular businesses of the company.

On the point of verification of investors and refund claimed by Sahara, significant development has taken place in as much as the Supreme Court has agreed to hear the appeals of Sahara filed against SEBI’s illegal orders of rejecting all the redemption documents on the next date of hearing.

The Hon’ble Supreme Court, during the course of hearing, also observed that SEBI is under an obligation of the Hon’ble Supreme Court’s order passed by the 2 judges and 3 judges benches, to verify the investors and refund to them, in accordance to the mechanism prescribed in the order dated 31st August, 2012 which was again reiterated in the order dated 5th December 2012 passed by 3 judges bench of Supreme Court, of which compliance has been sought. The case is now listed for 9th of January, 2015, for further hearing.

The court has also directed SEBI to make refund to all multiple account investors.