Sahara tells Supreme Court: 3,117-Crore Deposited with SEBI

According to an affidavit filed by the Sahara counsel, Keshav Mohan in the Supreme Court, the Sahara Group has already deposited Rs. 3,117-crore with SEBI, ensuring the Court about its efforts to raise the remaining sum, to furnish the Rs. 5,000-crore bail bond for the release of its chief, Subrata Roy. The group also presented bank communication relating to transfer of the monies to the SEBI-Sahara account as an evidence of actual payments being made by Sahara.This development comes close to...

SEBI v Sahara: Subarata Roy's bail Plea Rejected Again; Matter referred to a Three-Judge Bench[Read the Judgment]

A Supreme Court Bench comprising of Justice T.S. Thakur and Justice A.K. Sikri today dismissed Sahara Chief Subrata Roy's plea for his transfer to house arrest. The court however, modified the order restricting sale of property, to raise the amount for his interim bail.The Bench further referred the proceedings to a larger three-judge to be constituted by the Chief Justice of India, keeping in view the importance of the issues that fall for determination in these proceedings and the...

SC signals for the sale or transfer of property owned by the Sahara group

In a fresh proposal filed by Sahara group chief Subrata Roy, the Supreme Court on Thursday allowed to lift the ban on the sale or transfer of property owned by the Sahara group. The court under an earlier order froze the assets. This unfreezing would help Sahara to comply with the Rs. 10,000-crore bail condition. Earlier the apex court ruled that 10,000-crore should be furnished as Rs. 5,000 crore in cash and Rs. 5,000 crore through bank guarantee. Read Live Law story hereThe Sahara group has...

Ordinance to amend TRAI Act to Appoint Nripendra Misra as PM's Principal Secretary [Read the Amendment]

The Union Government has promulgated an ordinance, making amendment to the TRAI Act, 1997, so as to facilitate the appointment of former TRAI Chairman and senior bureaucrat Nripendra Misra as the Principal Secretary to Prime Minister Narendra Modi. This Act forbade its Chairman and members from taking up any job in the Central or State Governments after leaving Office. This appointment will be of the same term as of the Prime Minister or till supplementary commands are ordered by the Ministry of...

New Bench of the Supreme Court turns down Sahara Chief Subrata Roy’s bail plea

Sahara Chief, Subrata Roy continues to be dejected. The new Bench, comprising of Justice T S Thakur and Justice A K Sikri, also turned down Subrata Roy’s plea for discharge from judicial custody. He has been in judicial custody since March 4 for non-refund of over Rs 20,000-crore to depositors. He was asked to deposit Rs 10,000-crore bail. His lawyers reportedly sought 60 days time out to arrange for the amount directed by the Court because until he gets out of prison, he won’t be able to sell...

New Bench for Sahara Case; Justices T S Thakur and A K Sikri will hear the case on 19th May

A new Bench has reportedly been constituted by the Supreme Court, in order to look into the Sahara Case. The matter will be taken on May 19th by this Bench, which comprises of Justices T S Thakur and A K Sikri.A Bench comprising of Justice K.S. Radhakrishnan and Justice Khehar was earlier in charge of the matter. However, Justice Khehar recently opted out of the case, notifying the Supreme Court registry that in future, no matter with regard to the Sahara Group Company should be placed before a...

Supreme Court rejects Subrata Roy's plea against his detention [Read the Judgment]

Supreme Court today rejected the plea by Sahara chief Subrata Roy challenging its March 4 order detaining him for not complying with the order to return investors money by routing it through SEBI.Subrata Roy filed a Writ Petition (WP (Crl) NO. 57 OF 2014) praying for a declaration that the order dated 4.3.2014 as null and void and for his release from the Judicial Custody. Bench Comprising of Justice K.S. Radhakrishnan and Justice J.S. Khehar found no merit and dismissed the petition.Roy and two...

Corporates will not be allowed to withdraw open offers even if it becomes economically unviable; SC [Read Judgment]

The Supreme Court has delivered the important judgment in Civil Appeal No. 6041 of 2013 in Securities and Exchange Board of India vs. M/s. Akshya Infrastructure Pvt. Ltd., settling the position regarding India Inc's responsibility to open offers. A Supreme Court Bench of Justices SS Nijjar and AK Sikri while dealing with the fundamental issue that whether an open offer voluntarily made through a Public Announcement for purchase of shares of the target company can be permitted to be...

Supreme Court contemplates to relax Rs 10000 crore-payment condition on Sahara chief Subrata Roy

A Supreme Court Bench of Justices K S Radhakrishnan and J S Khehar said they were pondering to relax the condition of paying rupees 10000 crore to enable Sahara Chief Subrata Roy to come out of jail. Sahara group however alleged that the detention order was pre-written and it was on March 4 that the judges simply pronounced it.Sahara counsel Rajiv Dhavan challenged the validity of the detention order and argued that the way in which the order was pronounced, it seemed as if the order was already...

Sahara has informed the Supreme Court that it can pay 2,500 Crore in instalments of 3 weeks

In a submission before the Supreme Court, Sahara Group has informed the Court that they can pay 2,500 Crore  as bail amount for the release of Subrata Roy in three weeks. The Supreme Court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar has suggested to file appropriate petition if Sahara wanted review  of bail amount for release of Subrata Roy..In response to the Contempt of Court allegation put forth by Securities Exchange Board of India (SEBI), the Court observed that it will deal...

National Law School of India University, Bangalore announces Master of Public Policy course.

Overview of Master of Public Policy (MPP) CoursePublic sector in India, recently, has witnessed expansion of a wide range of services such as National Rural Employment Guarantee Act, Right to Food, Right to Information, Forest Rights, National Rural Livelihood Mission, Right to education, National Rural Health Mission, Rashtriya Swasthya Bhima Yojana and others. Interestingly, these initiatives have been legitimized and supported by legal framework. While they have brought some changes, there...

SC declines Sahara chief's plea to release him from detention

Sahara group chief Subrata Roy will stay in Tihar jail for some more time as the Supreme Court on Thursday declined his plea for release on a personal bond with an assurance that he will not leave the country.A Bench comprised of Justice K.S. Radhakrishnan and Justice J.S. Khehar reiterated their earlier order as they asked senior counsel Ram Jethmalani if there was any proposal by the Sahara chief to deposit the balance of Rs. 19,000 crore to SEBI for resumption of investors money.When Mr....