Sahara boss gets ink on his face, assailant calls him thief

Discussion in 'Economy & Infrastructure' started by sayareakd, Mar 4, 2014.

  1. sayareakd

    sayareakd Moderator Moderator

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    [​IMG]

    A man threw ink at Sahara chief Subrata Roy on Tuesday as he was brought to the Supreme Court days after he was arrested for failing to appear in connection with a case in which his company was directed to return Rs. 20,000 crore to investors.

    Reports said that the protester was detained and taken away by the police. Roy's face with ink was visible as he was being taken inside the court.

    "Yeh gareebon ka chor hai," said the man outside the Supreme Court.

    He said his name is Manoj Sharma and claimed that he is a lawyer from Gwalior, reports said.

    Roy was arrested on Friday after failing to appear at a Supreme Court hearing which he says he missed to attend to his ailing mother.

    Roy and unlisted Sahara have long been subjects of mystery. Roy is prone to public shows of patriotism and full-page newspaper ads defending Sahara against the authorities, and is often photographed with Bollywood stars and cricketers.

    Sahara itself is best known as the former main sponsor of the national cricket team, as well as owner of New York's Plaza Hotel and London's Grosvenor House. It has a net worth of $11 billion and more than 36,000 acres of real estate, according to its website.

    The Securities and Exchange Board of India (Sebi) says Sahara failed to comply with a 2012 court order to repay billions of dollars to investors. Sahara says it repaid most investors and that its remaining liability was less than the Rs. 51.2 billion it deposited with Sebi.

    "The question is money. Where is the money and when will it be paid," said Dushyant Dave, a Supreme Court lawyer who has represented Sahara in the past.

    The Supreme Court, which has expressed frustration at Sahara's conduct, had ordered Sahara to disclose the details and source of funds from which it said it repaid investors, but a lawyer for the regulator told the court in late January that Sahara had not given the details.

    Sahara had offered to give Sebi title deeds of properties it said were worth Rs. 200 billion as security, but the regulator said the properties were far over-valued. The court also ordered that Sahara not sell any of its property.

    Sahara boss gets ink on his face, assailant calls him thief - Hindustan Times
     
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  3. sayareakd

    sayareakd Moderator Moderator

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    Sahara Sri.............:rofl:
     
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  4. sayareakd

    sayareakd Moderator Moderator

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    He has taken 20,000 Crores from public and he lives in castle which is 270 acres ..............:shocked::scared2:
     
  5. sayareakd

    sayareakd Moderator Moderator

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  6. sayareakd

    sayareakd Moderator Moderator

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  7. sasi

    sasi Senior Member Senior Member

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    Black money? Rumour part of it may be sp mulayam money!
     
  8. Blackwater

    Blackwater Veteran Member Veteran Member

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    he is the biggest tax chor and money launderer ,after ambani in india

    he deserves this and more
     
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  9. Singh

    Singh Phat Cat Administrator

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    Subrata Roy pays the price for defying SC

    he law has finally caught up with Subrata Roy, the recalcitrant boss of the shadowy Sahara Group. At Tuesday’s hearing in the Supreme Court, Roy discovered that he had pulled one fast one too many. The court, having been at the receiving end of Roy’s evasive ways in the matter of returning Rs 24,000 crore to nearly three crore investors, decided that he had to be put in his place.

    And that place will be police custody for another week – this time in Delhi, and not in a luxurious forest lodge near Lucknow. Roy’s mistake was to presume that the court will endlessly humour his delaying tactics, but he forgot that no court could ultimately have allowed him to get away with disobedience without damaging its own credibility. This is why when he didn’t turn up in court on 26 February, as ordered by the court, the judges had no hesitation in issuing a non-bailable warrant against him.

    PTIPTI
    This time, though, it is unlikely that the court will allow him any wriggle room. The court made it clear at Tuesday’s hearing that:

    #1: Roy will not be released from custody till he comes up with a concrete plan to pay up the Rs 24,000 crore. Two group directors will also remain in custody till the court is satisfied its order is being fulfilled.

    #2: Unlike the previous hearings, the court did not accept Roy’s persistent claim that he had already repaid his investors in cash. “You can't make payment in cash as it is contrary to law. You have to make payment through demand draft or cheque," the bench, comprising Justices KS Radhakrishnan and JS Khehar, told Roy. This statement goes to the root of the problem, for the suspicion is that Roy was handling benami cash. The chances are many of his investors are fictitious (read here).

    #3: To make the noose tighter, the court also made it clear that if Roy did not identify the people who were repaid the cash, the money would be sent to the government’s coffers.

    Put another way, Roy has to pay up come what may, since he is no position to produce the phantom investors in a hurry.

    Nineteen months after giving its final verdict in the case, the Supreme Court has finally ensured that Roy will not get away with his game. It has decided to dig in its heels and follow the money.

    While the court accepted Roy’s apology for not turning up on 26 February, it gave him no cause for joy. It refused to accept his emotional statements, having been let down repeatedly by his promises. So even though Roy claimed he had “full faith in you. Punish me if I don't comply with your order,” the court decided that it did not have faith in him and sent him back to custody.

    High time. Consider his repeated transgressions.

    In the 31 August 2012 judgment, the two-judge bench gave him time till 30 November to pay up the dues owed to investors in two group companies – Sahara India Real Estate Corporation and Sahara Housing Investment Corporation – which had raised money illegally through privately-placed optionally fully convertible debentures (OFCDs). Roy did not do so and stood in contempt of the order. Roy was willing to pay only Rs 5,120 crore.

    Roy moved another bench, this time headed by then Chief Justice Altamas Kabir, which gave him time till February 2013 to pay in instalments. He still didn’t pay up. He remained in contempt.

    In its 2012 judgment, the Supreme Court ordered Sahara to do the following: (1) Submit documents on its investors to Sebi in 10 days: (2) repay the money to Sebi by 30 November. The judgment also gave Sebi sweeping powers to incur any cost, including the cost of hiring expert investigators, to check the veracity of Sahara's investors, and seek court directions when needed. And, lastly, it even set up a former Supreme Court judge as overseer to help Sebi implement the judgment.

    This is why when Sebi complained that Roy was not cooperating at a hearing in February 2013, the new deadline set for complying with the order, the court got angry with Sebi. The bench asked Sebi: “We wonder whether Sahara is committing contempt (of court) or you are committing contempt. You have done nothing, except issue notices after notices (to Sahara). Who is committing contempt?”

    The court added: “Issuing notice is not enough. Why did you give notice and not take action? You have to execute our order.”

    If anyone got the impression that the Supreme Court was fooling around, he would have been dead wrong. The Supreme Court was not only firm that Roy had to comply, but also that Sebi could not drag its feet in the matter. But Subrata Roy thought he could find a way around the court order – and for a while it seemed like he had managed to finesse the system.

    Today’s hearing showed Roy how wrong he was. His game is up.

    Subrata Roy pays the price for defying SC: Court leaves him no escape route - Firstbiz
     
  10. Singh

    Singh Phat Cat Administrator

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    Guess who is Sahara's lawyer ? Ravi Shankar Prasad of BJP. Incidentally, Prasad is brother in law of Rajeev Shukla of Congress. ;)
     
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  11. rajsking

    rajsking Regular Member

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    [tweet]440830279410655232[/tweet]
     
  12. thethinker

    thethinker Senior Member Senior Member

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    Go easy on the guy!

    He claims to have a networth of just under 3 crores! :hail:

    Sahara vs SEBI: Subrata Roy's wealth remains a mystery

    SEBI was seeking details to certain details of his personal assets so it could move ahead with sale of immovable property, the proceeds of which would be used to refund investors. Interestingly Roy claimed he told SEBI his assets were a mere 3 crore rs. He also accused SEBI of delaying the process of verifying his investor base.

    :namaste:
     
  13. Singh

    Singh Phat Cat Administrator

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    Being a Modi supporter means supporting Sahara, Adani and Ambani ? Intredasting...
     
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  14. rajsking

    rajsking Regular Member

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    :facepalm: you didnot even get the pun.

    Tweet was referring to the fact that secularism is last resort of defense for things that is indefensible. Remember Tejpal case - he is now saying that he is being implicated as he was fighting against communal forces.

    And BTW ibn (promoted by relaince) and ndtv(rumored to be owned by congress) are amongst the foremost media companies that are openly modi-baiters and are involved in providing free publicity to aap.
    Now question is why Ambani's media house promoting aap.
     
  15. The Messiah

    The Messiah Bow Before Me! Elite Member

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    judgewa sardar hai aur woh bhadak gaya :laugh:
     

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