SEBI versus Sahara: Rs. 22 crores versus Rs. 18000 crores

Today, Sebi has around Rs.11,500 crores of Sahara's money, including bank interest.

By the time our Chairman shall come out, that is, when full bail amount is paid, our money lying with SEBI will be Rs.18,000 crores cash.  Since no bank is ready to give Bank Guarantee to us without 100% cash margin, it is going to be Rs.18,000 crores of cash with Sebi.

While in the last 26 months,Sebi had to pay only around Rs.2 crores.

More importantly, Sebi came out with an All-India Media Advertisement, twice, inviting investors for repayments. But till now, they have received from all over India, a demand of Rs.20 crores only.

A question can now arise that whether the investors exist or do not exist; meaning, are these all fictitious accounts?

Only verification can clarify this point, as mandated in Hon'ble Court's order of 2012. Since then, in almost past 26 months, Sebi has not started verification; the reason best known to them. 

About fictitious account, we would like to mention here another issue pertaining to the Reserve Bank of India (RBI) which is as follows:

Between 2008 and 2012, on RBI's order, Sahara paid back Rs.18,000 crores under the command of RBI's two Statutory Auditors and 3 RBI nominated Directors.  The bank account of that amount was controlled by the RBI.  A strict rule was followed that when RBI auditors finally checked the identity of all investors (KYC), only then the next months' payments were allowed by the RBI and during the process, in 4 years, RBI did not find any fictitious account; not even one.

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Regards,

Corporate Communications,

Sahara India Pariwar

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 Saharas 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

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.

Sahara India Pariwar honours Indian medal winners of London Olympics 2012

·         Pure gold medals of 3kg and 2kg were given to every Indian winning silver and bronze medal respectively in the London Olympics

Lucknow, October 31, 2012: Sahara India Pariwar, a major business conglomerate and the prime promoter & patron of sports in India, today honoured the Indian sportspersons who won medals in the recently held London Olympics, in a grand felicitation ceremony organised at Sahara Shaher, Lucknow. Prior to the commencement of the London Olympics, Sahara India Pariwar, in July this year, had announced to award medals of pure gold of 5 Kg, 3 Kg and 2 Kg to every Indian winning gold, silver and bronze medal respectively in the London Olympics 2012. In pursuance of the said announcement, a ceremony was organised to award medals to the Indian Olympic winners. The ceremony witnessed the awarding of a big 3 kg medal of pure gold to the sportsmen who won silver medal in London Olympics 2012, namely, Shri Vijay Kumar (Shooting) and Mr. Sushil Kumar (Wrestling), whereas 2 Kg medals of pure gold were awarded to the Indian sportspersons - Shri Gagan Narang (Shooting), Ms. Saina Nehwal (Badminton), Ms. Mary Kom (Boxing) and Shri Yogeshwar Dutt (Wrestling) for winning bronze medal in the London Olympics 2012. The awards were presented to the sportspersons by Shri Akhilesh Yadav, Hon’ble Chief Minister, Uttar Pradesh, amongst the presence of many dignitaries from across all walks of life.

A cultural programme was also held as a part of the ceremony which included some memorable performances by Shri Sonu Niigaam and Shri Shiamak Davar’s troupe.

Speaking on the occasion, Hon’ble Chief Minister of Uttar Pradesh, Shri Akhilesh Singh Yadav, said, “I would like to congratulate the sportspersons who have brought laurels to our nation on an international level. I would, first of all, like to thank Saharasri Ji for honoring these talented sportspersons by inviting them to Lucknow and adorning them with huge medals of Gold. I am feeling as happy as I used to feel while watching them on Television.”

Speaking on the occasion, ‘Saharasri’ Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, said, “I would, first of all, like to welcome all the 6 great sons and daughters of our great nation, from the depth of my heart. All these talented children of our nation have made us immensely proud. I have known them since long. They started their career in sports on their own and the only ones who stood by them then, were their family members. I felt that something needs to be done in this regard. So, Sahara has come-up with a new planning so as to increase the medal count in the next Olympics. As per this plan, we will be setting up a sports centre of international level at Aamby Valley City where many budding sportspersons will be given world class training. I would also request our friends from media to give more appreciation to these heroes and be even more instrumental in helping them to enhance their performance. I would also like to thank Hon’ble Chief Minister of Uttar Pradesh, Shri Akhilesh Singh Yadav for taking out time from his busy schedule and gracing this occasion.”

Shri Sushil Kumar said that earlier also he has received continuous support, appreciation and encouragement from Saharasri Ji. In the past, we have seen that no other organization has supported sports as Sahara has done. This time also, I am extremely overwhelmed by his gracious blessings. This fact was echoed all the other sportspersons present during the ceremony.

With the objective of developing sports in India and securing better prospects for India in terms of medals tally in the London Olympics, Sahara India Pariwar, adopted Indian Boxing, Wrestling, Archery, Shooting, Track & Field and Tennis, covering support of a total of 101 sportsmen in these 6 games who were potential medal winners. Apart from this, Sahara has also extended support to the Indian Volleyball by sponsoring the Men’s National Teams (Senior & Junior) for a span of 4 years till 2016.

Sahara is also the sponsor of Indian Cricket team and Indian Hockey teams (Men & Women National and Junior Hockey Teams), owner of the IPL Cricket team – ‘Pune Warriors India’ and ‘Sahara Force India’ – the only Indian Formula 1 Team.

ABOUT SAHARA INDIA PARIWAR

Sahara India Pariwar is a major business conglomerate in India with operations in multiple sectors, including financial services, life insurance, mutual funds, housing finance, infrastructure & housing, city development, print and television news media, entertainment channels, cinema production, consumer merchandise retail, healthcare, hospitality, manufacturing, sports, and information technology.