Saharasri offers gratitude to all who stood by Sahara in difficult times

Sahara has already deposited more than Rs.14,000 crores with SEBI, but  in the last 43 months, SEBI has repaid only around Rs.50 crores to the esteemed Investors, ofcourse after verification all these monies shall come back to Sahara

Mumbai, 17^th July, 2016: ‘Saharasri’ Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar, culminates his gratitude journey today at Mumbai. ‘Saharasri’ Subrata Roy Sahara had commenced the ‘Abhaar Yatra’ – an emotional gratitude journey to offer his thanks and appreciate the unprecedented support extended by crores of esteemed members, associates and over 12 lakhs workers of Sahara India Pariwar. During his journey which started on 27^th May, 2016 from Hyderabad he travelled across India including cities like Vijayawada, Raipur, Nagpur, Delhi, Kolkata, Guwahati, Lucknow, Kanpur, Gorakhpur, Patna, Muzaffarpur, Ranchi, Varanasi, Bhopal, Jodhpur, Jaipur and Ahmedabad. 

While addressing the meeting of over five thousand managers, here at Mumbai Saharasri said, “I feel utmost proud to see the faith shown by you which has always been the real strength of Sahara India Pariwar.”  The event saw the emotional outburst of many workers who were reduced to tears on seeing Saharasri among them.  People wanted to touch him and shake hands with him, or take his photographs.

He further emphasized, “Sahara India Pariwar has always had absolute faith in the Indian Judiciary and we strongly believe that justice may get delayed for various genuine reasons but will prevail and it does, in the end and same will happen in Sahara SEBI case as well.”

For further information please contact:

Ghulam Zeeshan

Corporate Communications

Sahara India Pariwar

Mob: 9792982666; Off.: 0522 - 2724545

email id : ghulam.zeeshan@gmail.com 

Subrata Roy reveals the secret to success

Some men succeed by what they know, some by what they do, and a few by what they are. Life Mantras is a success story written by one of the most successful man in India, Subrata Roy. They say that a successful man is the one who lays a firm foundation with the bricks that others have thrown at him. With great struggle and constant hard work Saharasri laid the foundation of the Sahara India Pariwar and has ever since been the guardian to his over 1.2 million fellow employees. He has always been a profound thinker, a mentor, and a guide to his subjects.

Life Mantras has become the talk of the town. Everybody wants to be successful, and knowing what it takes to reach that point where the air is crisp has become a necessity for people who strive hard to achieve success. Subrata Roy has written his lifetime experiences, observations and insights on the daily issues of people at altered corporate establishments of the conglomerate across India and also abroad. He further elaborates the details and various psychological and emotional aspects of life. He tells about the basic instincts that inherent in human beings as a gift of life, and how to respect it and grow more.

Along with the success story he you will also realize of what it takes to attain peace, true happiness, contentment, and continuous progress in life in terms of material gains, respect and love. The key is in your hand. Because only you can write your own success story.  

Sahara’s Rs. 12,000 Crores are already with SEBI

Sahara says that report of Due amount of Rs 40,000 Cr is incorrect, since such amount or such observation was never made during the course of hearing either by the Counsel appearing for SEBI or by the Hon’ble Court or any other Counsel. The figure of Rs. 40000 Cr. is imaginary and same amounts to irresponsible reporting of Court proceedings. There is no pleading or any document in the Court record which mentioned the figure of Rs. 40000 Cr. The order dictated in the open Court on 13.03.2015 also does not bear this figure and therefore, these amounts to incorrect reporting of Court proceedings which further dented the image of Mr. Roy and two directors in the public eye.

2.      In fact, the Court very fairly stated that amount payable was subject to verification and after verification all excess amount would be refunded Back to Sahara.

3.      There is no observation pertaining to the reporting of one month to save group by the Hon’ble Court, same is misconceived.

As a matter of fact, the Hon’ble Court observed during the proceeding to Mr. Kapil Sibal, Senior Advocate that the outhouse facility along with secretarial staff etc. can be extended even up to “two months” provided a concrete proposal is put forward as far as the satisfaction of the bail bond of rest of the amount of about 6000 Cr. is concerned. Please note that Sahara's two companies are asked to provide proposal for complying with the remaining amount out of bail amount of Rs. 5,000 Cr cash (out of which Rs. 4,000 Cr. cash has already been paid to SEBI) and Rs. 5,000 Cr. as bank guarantee and not for any imagery figure of Rs. 40,000 Cr.  The period of 2 month was observed by the Hon’ble Court when Mr. Sibal requested for 8 weeks outhouse facility to finalize the transaction to satisfy the bail bond amount of Rs. 10,000 Cr. as ordered by the Hon’ble Court on 26.03.2014.

Therefore, the figure of 4 weeks as reported in the article is incorrect since Mr. Sibal sought 8 weeks’ time and not 4 weeks. Same is clarified to that extent.

4.      The news represented that an ultimatum was given whereas the order passed by the Hon’ble Court makes it clear that the Hon’ble Court accepted the request of not appointing a Receiver since Mr. Sibal stated that a serious attempt has been made for finalizing a deal of which the documents will be provided to the Amicus Curiae and the Counsel for SEBI. This acceptance of the request was also noted in the order dated 13.03.2015. As a matter of fact, Mr. Sibal stated that the situation of appointment of a Receiver may not arise if an opportunity is given. There is nothing mentioned in the order passed on 13.03.2015 about any ultimatum and therefore same amounts to incorrect reporting and same is clarified to that extent.

5.      The Hon’ble Court extended the facility of communication up to 5 hours a day to Mr. Roy and two directors of Sahara’s two companies, inside the jail premises which was not reported in the article. Further, jail authorities were also directed to facilitate Mr. Roy and two directors with two laptops for functioning which was also not reported in the article.

6.      During the hearing, SEBI was directed to file an affidavit clarifying its stand when a letter was indicated to the Hon’ble Court by Mr. Sibal that a communication was issued to HDFC Bank by SEBI on 19.12.2013 that the order dated 21.11.2013 only applies to specific movable and immovable properties in a particular application, therefore, RBI has no cause of action to state that there was a violation by Sahara India Financial Corporation Limited of the order passed by the Hon’ble Supreme Court on 21.11.2013 and 04.06.2014.

7.      Further, Mr. Sibal fairly stated during hearing that about Rs. 12,000 Cr. stands deposited with SEBI as on date out of which barely anything was disbursed by SEBI. The Hon’ble Court also made it clear that it will be open to argue on that issue at a later stage. However, the article in the front page of the newspaper reported that only Rs. 5,120 Cr. was deposited whereas nearly Rs. 12,000 Cr. stands deposited with SEBI as on date. Same is clarified to that extent.

Sebi lowers Sahara case expense estimates to Rs 25.88 cr

As a prolonged Sebi-Sahara battle continues, the regulator has revised lower the expenditure it

intends to recover from the business group to Rs 25.88 crore in the current fiscal towards money spent on identifying the investors and making refunds.

   As per the court orders, Saharas were asked to bear the costs incurred by Sebi in identifying the investors and repayment of refunds to them, which has been an uphill task for the capital markets watchdog.

     In its mid-term review of budget estimates for the current financial year 2014-15, Sebi is believed to have pegged the revised estimate of 'expenses recoverable from Sahara' at Rs 25.88 crore, down from the original budget estimate of Rs 37.66 crore. The actual expenditure already made till December 31, 2014, in this financial year stood at Rs 8.75 crore.

     This downward revision has taken place largely due to a planned expenditure being revised from Rs 12 crore to Rs 4 crore for the current fiscal because of non-operationalisation of a contract given to UTI-ITSL in the Sahara case.

     Besides, the advertisement charges have been revised lower from Rs 3 crore to Rs 1.46 crore.

     The amount earmarked for in-person verification charges has also been reduced, as the same could not be spent amid subsequent developments in the courts and henceforth a total amount of Rs 1 crore has been set aside for this particular purpose.

     In this high-profile case involving refund of over Rs 24,000 crore and additional interest of 15 per cent per annum, the Supreme Court had asked Sahara in August 2012 to submit all documents and refund money to SEBI for further repayments to genuine investors after verifying the documents.

     Sahara had submitted 5.28 crore documents to Sebi, which set up a Special Enforcement Cell for the case. Sebi had awarded a contract to Stock Holding Corporation of India Ltd (SHCIL) for storage, digitisation, scanning etc, and to UTI Infrastructure & Technology Services Ltd (UTI-ITSL) for refund related activities. These two contracts were originally worth

about Rs 55 crore.

     In addition to these contracts, SEBI has incurred significant expenses under other heads also with regard to the Sahara case, including towards legal costs and the in-house refund handling expenses.

     Through one of its recent advertisements, Sebi had invited refund applications till January 31 from the eligible Sahara investors along with necessary documentary proof. Earlier, Sebi had invited refund claims to the regulator by September 30, 2014. 

Sahara’s Plaza property world’s 2nd most popular hotel for uber-rich: Survey

New Delhi: The Sahara group's iconic hotel The Plaza, New York, figures among the top 10 hotels in the world for multi-millionaire visitors in 2014, a survey said.

The Plaza is the second most preferred hotel for the uber-rich people globally, said the survey by New World Wealth. It was based on a sample of 450 multi-millionaires.

The Plaza, which is jointly owned by Sahara Group and Kingdom Holdings, a Saudi Arabia-based corporation, had 3,700 multi-millionaires in the 12 months to June 2014, second only to The Bellagio in Las Vegas, which received as many as 6,400 multi millionaires.

"The Plaza's high place on the list is impressive considering it only has 280 rooms which puts it at a disadvantage to larger hotels which can accommodate more guests in a year," the report said.

According to the report, titled 'Most Popular Hotels for Millionaires', The Raj Palace, Jaipur, had 300 or more multi-millionaire visitors in the 12 months to June.

The Raj Palace, Jaipur is the only one hotel from India has made it to the list of select few boutique hotels that witnessed 300 or more multi-millionaires visitors.

Other most preferred hotel destinations for multi -millionaires include Caesars Palace, Las Vegas (3,400 visitors); Waldorf Astoria, New York (3,300); Marina Bay Sands Singapore (3,100) and The Breakers, Palm Beach (3,000) among others.

Las Vegas hotels dominate the list. "This reflects Vegas's appeal as a short stay holiday destination for the super-rich," the report said.

The other boutique hotels which were mentioned by several multi-millionaires in the survey include -- Baur au Lac, Zurich; Chateau Marmont, Los Angeles; Goldeneye, Jamaica; Hôtel du Cap-Eden-Roc, Antibes; Little Nel, Aspen and Raffles, Singapore.

For the purposes of this study, an individual with net assets of at least $10 million is considered multi-millionaire. There are around 495,000 multi-millionaires worldwide (as on June 2014).

Sahara's The Plaza 2nd most popular hotel for the uber-rich

Sahara group-owned, The Plaza in New York city is the second most preferred hotel for the uber-rich people globally, said the survey by New World Wealth.

The Sahara group's iconic hotel The Plaza, New York, figures among the top 10 hotels in the world for multi-millionaire visitors in 2014, a survey said. The Plaza is the second most preferred hotel for the uber-rich people globally, said the survey by New World Wealth. It was based on a sample of 450 multi-millionaires. The Plaza, which is jointly owned by Sahara Group and Kingdom Holdings, a Saudi Arabia-based corporation, had 3,700 multi-millionaires in the 12 months to June 2014.