Sahara India Pariwar investor fraud case From Wikipedia, the free encyclopedia
On 26 February 2014, the Supreme Court of India ordered India ordered the arret of Subrata !oy, !oy, Chairman " Founder of Sahara India #ari$ar , for failin% to appear in connection $ith the !&24,000'crore depoit hi company ha not refunded to it in(etor& )e $a e(entually arreted on 2* February 2014 by +ttar #radeh police on a Supreme Court $arrant, in a dipute $ith -arket !e%ulator ' S./I&&1 In a tatement after the arret, hi l a$yer aid -r& !oy 2'year'old mother $a in poor S./I health and needed 3her eldet on3 by her ide, and hence he failed to appear at the court& 2 )e $a %ranted interim bail by Supreme Court of India for the ame on 26 -arch 2014 on condition of depoitin% ! 10,000 crore $ith the market re%ulator S./I& 5 of 5u%ut 2014, !oy i till in ail and i tryin% to ell ome of hi hotel propertie to raie enou%h money& money &4 76 !oy ha recei(ed upport from ome in the public a $ell a celebritie& 7
Timeline of events edit edit .(ent of thi fraud cae tarted in 2010 and it i till in proceedin% in Supreme court of India a of 8* * -arch 2014&8 •
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9o(ember 2010 ' Securitie and .:chan%e /oard of India bar India bar Sahara India #ari$ar chief chief Subrata !oy and t$o of it companie ; Sahara India !eal .tate Corp
ecember 2010 ' Sahara made appeal in the 5llahabad )i%h court $hich ordered S./I not to take any action until a court order i paed& 11 ?anuary 2011 ' >elhi )i%h court iued a $arrant a%aint Sahara India #ari$ar chairman chairman Subrata !oy and four other official of the %roup on a complaint that it decei(ed in(etor in a propoed ho uin% proect of !&27,000 crore& 12 February 2011 ' >elhi )i%h court tay proceedin% a%aint Sahara India #ari$ar chairman chairman Subrata !oy and four other official of the %roup on a complaint that it decei(ed in(etor in a propoed houin% proect& 1 -ay 2011 ' Supreme court of India aked Sahara India !eal .tate = cheme and a lit of accredited a%ent $hich raied money on company behalf& 14 ?une 2011 ' S./I ordered Sahara firm to immediately refund the money collected throu%h ale of OFC>& October 2011 ' Securitie 5ppellate @ribunal & 17 9o(ember 2011 ' Sahara India #ari$ar mo(ed #ari$ar mo(ed to Supreme Court a%aint S5@ order and in fa(our of Sahara Aroup it tayed the S5@ order, and aked the t$o companie to refund 18,400 1618 18 crore to their in(etor and aked the detail " liabilitie of the companie& 16
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?anuary 2012 ' Supreme Court %i(e three $eek time to Sahara India #ari$ar to chooe bet$een option to ecure in(etment made by public in OFC> cheme& .ither to %i(e ufficient bank %uarantee or attach propertie $orth the amount raied throu%h OFC>& 1* -ay 2012 ' Supreme court i informed by Senior counel Fali 9ariman ince there $a no complaint from any in(etor& 1 ?une 2012 ' S./I informed Supreme Court that real etate di(iion of Sahara India #ari$ar had no ri%ht to mobilie !&28,000 crore from in(etor throu%h optionally fully con(ertible debenture = $ithout complyin% norm of -arket re%ulator ' S./I& 20 5u%ut 2012 ' Supreme court direct Sahara India !eal .tate Corporation td&
