Sahara gets relief from Supreme Court of the State of New York: Court rejects bid to attach its foreign properties

New York/ Lucknow, 16 September 2015: Sahara India Pariwar, owner of the Plaza Hotel, the Dream Downtown Hotel at New York and Grosvenor House Hotel, at London, while getting validation to its claim from Supreme Court of the State of New York, gets a relief in a lawsuit filed by Hong Kong based JTS Trading against Sahara and Trinity White City Ventures Limited in June, claiming that it had a deal under a joint venture with Trinity for a deal of the hotels and that it was abruptly excluded when Trinity decided to partner with Sahara. Sahara had claimed that it is being unfairly dragged into a private dispute between JTS and Trinity, as it was a non-party to the dispute. Sahara therefore claimed that JTS had no rights to attach the interests of Sahara’s subsidiary non-party entities (Sahara Plaza LLC and Sahara Dreams LLC) which were accepted by the Supreme Court.

JTS Trading was apparently in a potential joint venture with Trinity White City Ventures Ltd., in a potential bid by Trinity to refinance Sahara’s two hotels in New York and one in London. Sahara was at one time in discussions with Trinity for a refinancing deal, but had no knowledge of the dealings between Trinity and JTS. JTS has alleged breach of the prior joint venture and hence said that damages should be paid.

The broker, JTS, sought USD 350 million as damages and attachment of Sahara's two prized overseas properties - the Plaza Hotel, the Dream Downtown Hotel at New York.However, the Supreme Court in its order, remarked, “JTS fails to establish entitlement to attach the assets of the non-parties.” Further, the Supreme Court of the State of New York, while accepting Sahara’s contentions, ordered, “Accordingly, JTS’s application for a pre-judgment order of attachment, and all of JTS’s alternate grounds for relief, must be denied.”

While speaking about Sahara’s victory in the said case, the Sahara’s spokesperson said, “We welcome the Hon’ble Supreme Court’s decision which understood our claims in the pious light of justice and protected us from becoming a victim of unscrupulous litigation which aimed at falsely and unfairly dragging us into a private dispute between two parties who have had a falling out.”

Sahara's position unshaken in spite of ongoing pressures

RBI, in 2008 had issued an order banning NBFC (Non-Banking Financial Company) business of one of Sahara's company - Sahara India Financial Corporation Ltd.(SIFCL), against which Sahara approached the Courts and Hon'ble Allahabad High Court as well as subsequently, even the Hon'ble Supreme Court of India, while providing relief to Sahara, had quashed the RBI's ban order and asked RBI to hear SIFCL afresh. In pursuance of this, SIFCL and RBI, in a series of meetings in a mutually accepted manner decided a sun-set period for the NBFC business of SIFCL whereby from 2011 SIFCL was to stop taking fresh deposits and return the erstwhile deposits and eventually, in 2015 close the NBFC. It is in pursuance of this mutually decided upon arrangement and as per the wish of Sahara that the RBI has cancelled this licence and therefore is not at all any kind of blow, etc., to Sahara in any manner, as is being mentioned by some.

Moreover, regarding the SEBI order on Sahara Mutual Fund, we would like to mention that the mutual fund business of Sahara is very small with total assets under management of Rs. 134.29 crore only and is in infancy state with no major consequences on the group. Moreover, the actual reason behind SEBI's action is that SEBI has asked to change the sponsorer company in which Shri Subrata Roy Sahara ji was there. SEBI can only explain the basis of their decision to do so. However, Sahara is in the process of doing the needful as SEBI has directed.

Sahara stands on strong foundations which are evident from its un-withered standing even during the current constraints. However, Sahara will overcome this momentary constraint once its bank accounts and properties are de-freezed by the Hon'ble Supreme Court and our Chairman's judicial custody is recalled.
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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

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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 !!!!!

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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".