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.

Statement by Advocate Shri Gaurav Kejriwal on 2nd December 2014

It is a welcome step as the Hon’ble Supreme Court is acceded to our request. The Supreme Court has appreciated the efforts of Saharas in making the attempt to sell four of its domestic properties. The Hon'ble Supreme Court acknowledged the submission and allowed the sale of all the properties. The sale will generate net amount of around Rs. 2622.25 crore that will be used to comply with the orders of the Hon'ble Supreme Court.

With reference to the foreign properties, the Hon'ble Court asked SEBI to indicate its queires in writing and asked Saharas to provide clarification within a week. Once, the same is allowed, an amount in excess of Rs. 3000 crores will be generated which will be used to comply with the orders of the Hon'ble Supreme Court.  The next hearing is on 17th December 2014.

Gaurav Kejriwal

Advocate

New Revised Statement of Advocate Gautam Awasthi on 28th November 2014

The Sahara's had filed applications seeking permission of the Hon’ble Supreme Court for taking over of the loan of Bank of China relating to three foreign properties. The Saharas will also be raising a loan of US$650 million on the foreign properties for being utilized for the payment in SEBI-Sahara Refund Account in compliance of the order dated 26.3.2014.

The court, on the insistence of SEBI, has asked Saharas to show the ESCROW agreement with respect to the junior loan of US$650 million and once SEBI gives a no objection and the money is transferred in the ESCROW account, the Hon’ble Court will permit the taking over of the loan from Bank of China and raising of the junior loan.

The Hon’ble Supreme Court was also shown the agreements of sale with respect to domestic properties. The SEBI, however, has sought time to submit its response regarding the proposed sale of domestic properties at Chomma, Jodhpur, Vasai and Pune.

The Saharas have demonstrated that in addition to Rs 3,117 crore already deposited, the balance amount for compliance of the order dated 26.3.2014 have been arranged and once necessary permissions are granted by the court, the money will reach SEBI in a phased manner. The Hon’ble Supreme Court has now listed the matter for Tuesday, 2^nd December 2014.

Gautam Awasthi

Advocate

Why some irresponsible Journalist are portraying wrong image of the Sahara Group eternity?

The negotiations are still on and the law making body is to decide the fate of the company. For few TRPs some money minded channels twisted the news and flashed the absconding news of the Sahara Sri Subhrato Roy

 Is being concerned and caring son wrong in the country, he apologized for his mistake in the court and informed the fragile conditions.

He is the law abiding persons and never misguided anyone. With his whole heartedness he supported every dimension be it encouraging literacy, promoting national game or giving health aid to the rural areas.

Under the Vedas project nearly 1000 villages were supported for the overall development. Then why will he cheat own investors? 

Irresponsible Journalists should know it is not the entertainment news, it is putting the image of someone at stake, if you to report someone report the facts.

The confusion at later stage got cleared when Subrata Roy invited the press conference and clarified his dad had submitted willingly and not that he was caught.

He was not able to come to court because he had to meet doctors to getting know his mother’s condition and the attending the mother. We understand for a mother nobody his above his child and if son takes care of her what’s the problem?

Unlike others, Subhrato Roy didn’t do any drama of illness or getting the medical examinations. He did not bribed anyone. He was emotionally committed for his mother and that’s not wrong in my eyes.

He is gentle and down to earth person that he apologized for not being present during the court proceedings.  I think some irresponsible Journalist should not harm the image of someone like this before knowing the complete details and report with humanness.

Suresh Raina Joins ‘U P Wizards’ - the Hero Hockey India League’s Lucknow Franchise

Lucknow, 17 November 2014: Mr. Suresh Raina, the ace cricketer, today joined the Hockey India League (HIL) franchise team - Uttar Pradesh Wizards as its co-owner. The announcement of his association was made by Mr. Abhijit Sarkar of Uttar Pradesh Wizards in an event held at Sahara Shaher, Lucknow in the presence of Mr. Suresh Raina. Born in Ghaziabad, Mr. Raina has represented Uttar Pradesh at all levels in cricket.

Speaking on the announcement of the association with Uttar Pradesh Wizards,
Mr. Suresh Raina said, “It is a memorable day for me because today I am immensely proud to be associated with the national sport of our country, hockey, by joining UP Wizards. On this occasion, I would also like to take the opportunity of congratulating the Indian hockey team for bringing laurels to our nation by winning gold in the Asian games after a span of sixteen years and qualifying directly to the Olympics. Uttar Pradesh is a land of world class hockey gems like Major Dhyan Chand, K.D. Singh Babu and many more to follow and since my sports college days in Lucknow, I have a lot of friends who are hockey players and this further boosts up my pleasure of my association with hockey. I will make all possible endeavours and bring all sorts of support required for uplifting the game of hockey in the region.”

Speaking on the occasion, Mr. Abhijit Sarkar of Uttar Pradesh Wizards said, “Hockey is our national game and we are proud owner of UP Wizards. We are sure that association of Mr. Suresh Raina will make hockey more popular in the state and will attract more fan following for this sport. We will achieve greater laurels and success in the sport of hockey in the coming years and we are committed to the development of sports at all levels in the country.”

Speaking on the announcement, Ms. Elena Norman, CEO, Hockey India League said “Hockey India League welcomes Suresh Raina as the co-owner of Uttar Pradesh Wizards. It’s an honor to see cricket legends coming forward to support world’s only Hockey League and we are confident that the 3rd edition of Hero Hockey India League will take the excitement and expectations a notch higher, not only through the high adrenaline games but even the kind of association that it is garnering.”

Recently, the captain of Indian Cricket Team, Mr. Mahendra Singh Dhoni has also got associated with the Ranchi franchise team of Hockey India League as its co-owner. Hockey India League is world’s most prominent hockey league and is providing a world class platform to young Indian sporting talents of this great game by giving them an opportunity to nurture their skills under the supervision of talented and veteran sportsmen.

RBI, SEBI and ROC come under CBI scanner in Saradha chit-fund scam

Kolkata: Investigation into the multi-crore Saradha chit-fund scam is likely to tighten the noose around senior officials of Reserve Bank of India (RBI) and SEBI. Reports suggest that CBI will soon examine some RBI, SEBI and ROC officials in connection with the Saradha ponzi scam.
 
"The examination will be aimed at understanding the circumstances and seeking clarification about documents," an official said.
 
A report in The Indian Express says that the investigating agency has mentioned the role of senior officials of SEBI, ROC, and RBI in the scam.
 
It is pertinent to point out that CBI has already examined two executive directors and one ex-executive director of SEBI during its probe into the scam.
 
The agency has already filed a 25-page charge sheet along with annexures containing the names of three accused - Sudipta Sen, Debjani Mukherjee and Kunal Ghosh, the last being a suspended TMC Rajya Sabha MP who had worked with Sen, the Saradha founder.