The Scam franchise is back. Creator and director Hansal Mehta on Thursday (May 16) announced the next edition of the franchise, titled Scam 2010- The Subrata Roy Saga. Mehta took to social media to share the motion poster of the series which will focus on the journey of controversial late businessman and Sahara group founder Subrata Roy. 
 
Subrata Roy started the conglomerate Sahara India Pariwar in 1978. He was investigated by the Securities and Exchange Board of India (SEBI) for illegally raising over Rs. 24,000 crore from investors, leading to a famous dispute and case. 
 
In 2014, Roy was arrested for failing to appear before the Supreme Court in a contempt case over the non-refund of dues. He was lodged in Tihar Jail for some time before being released on parole.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Sc3m is back!🔥💰 
Scam 2010: The Subrata Roy Saga, coming soon on <a href="https://twitter.com/SonyLIV?ref_src=twsrc%5Etfw">@SonyLIV</a><a href="https://twitter.com/hashtag/Scam2010OnSonyLIV?src=hash&amp;ref_src=twsrc%5Etfw">#Scam2010OnSonyLIV</a> 
⁰<a href="https://twitter.com/ApplauseSocial?ref_src=twsrc%5Etfw">@applausesocial</a> <a href="https://twitter.com/SonyLIVIntl?ref_src=twsrc%5Etfw">@SonyLIVIntl</a> <a href="https://twitter.com/SPNStudioNEXT?ref_src=twsrc%5Etfw">@SPNStudioNEXT</a> @nairsameer@deepaksegal <a href="https://twitter.com/mehtahansal?ref_src=twsrc%5Etfw">@mehtahansal</a> <a href="https://twitter.com/Indranil1601?ref_src=twsrc%5Etfw">@Indranil1601</a> @prasoon_garg@PriyaJhavar <a href="https://twitter.com/devnidhib?ref_src=twsrc%5Etfw">@DevnidhiB</a> <a href="https://twitter.com/001Danish?ref_src=twsrc%5Etfw">@001Danish</a> <a href="https://twitter.com/saugatam?ref_src=twsrc%5Etfw">@saugatam</a> <a href="https://twitter.com/amansri?ref_src=twsrc%5Etfw">@amansri</a> <a href="https://t.co/quhuHNwvbw">pic.twitter.com/quhuHNwvbw</a>
— Hansal Mehta (@mehtahansal) <a href="https://twitter.com/mehtahansal/status/1790993422578257993?ref_src=twsrc%5Etfw">May 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Subrata Roy passed away in November 2023 battling health issues at the age of 75. 
 
Hansal’s new series is based on the book Sahara: the Untold Story by Tamal Bandyopadhyay.&nbsp; 
 
Mehta had previously directed the megahit Scam 1992: The Harshad Mehta Story and developed Scam 2003: The Telgi Story. 
 
“In the early 2000s, the glamourous Roy was caught in a whirlwind of accusations ranging from chit-fund manipulations to fake investors, ultimately leading to his arrest in 2014. With approx. 25,000 crore rupees still lying unclaimed with government authorities, the repercussions of the Scam continue to reverberate even today,” read a note from the makers.

The series will be streaming on Sony Liv although the release date of the show has not been disclosed yet.&nbsp;

The Scam franchise is back. Creator and director Hansal Mehta on Thursday (May 16) announced the next edition of the franchise, titled Scam 2010- The Subrata Roy Saga.

The Scam franchise is back. Creator and director Hansal Mehta on Thursday (May 16) announced the next edition of the franchise, titled Scam 2010- The Subrata Roy Saga. Mehta took to social media to share the motion poster of the series which will focus on the journey of controversial late businessman and Sahara group founder Subrata Roy. Subrata Roy started the conglomerate Sahara India Pariwar in 1978. He was investigated by the Securities and Exchange Board of India (SEBI) for illegally raising over Rs. 24,000 crore from investors, leading to a famous dispute and case. In 2014, Roy was arrested for failing to appear before the Supreme Court in a contempt case over the non-refund of dues. He was lodged in Tihar Jail for some time before being released on parole. Sc3m is back!🔥💰 Scam 2010: The Subrata Roy Saga, coming soon on @SonyLIV#Scam2010OnSonyLIV ⁰@applausesocial @SonyLIVIntl @SPNStudioNEXT @nairsameer@deepaksegal @mehtahansal @Indranil1601 @prasoon_garg@PriyaJhavar @DevnidhiB @001Danish @saugatam @amansri pic.twitter.com/quhuHNwvbw — Hansal Mehta (@mehtahansal) May 16, 2024 × Subrata Roy passed away in November 2023 battling health issues at the age of 75. Hansal’s new series is based on the book Sahara: the Untold Story by Tamal Bandyopadhyay. Mehta had previously directed the megahit Scam 1992: The Harshad Mehta Story and developed Scam 2003: The Telgi Story. “In the early 2000s, the glamourous Roy was caught in a whirlwind of accusations ranging from chit-fund manipulations to fake investors, ultimately leading to his arrest in 2014. With approx. 25,000 crore rupees still lying unclaimed with government authorities, the repercussions of the Scam continue to reverberate even today,” read a note from the makers. The series will be streaming on Sony Liv although the release date of the show has not been disclosed yet.

Scam 2010- The Subrata Roy Saga: Hansal Mehta announces third part of the Scam franchise

Sahara Group founder businessman Subrata Roy has died aged 75. Subrata Roy was a major name in the Indian business fraternity. Born on June 10, 1948, Subrata Roy established a huge business empire with companies in a number of sectors&nbsp;ranging from media, real estate,&nbsp;hospitality, and more.

Roy was admitted to Kokilaben Dhirubhai Ambani Hospital &amp; Medical Research Institute in Mumbai on Sunday (November 12) after his health declined.&nbsp;

In its official press statement, Sahara India Pariwar said that Roy passed away on November 14 at 10:30 pm due to cardiorespiratory arrest. The statement added that he fought a long battle with metastatic malignancy, hypertension and diabetes.

Roy was born in Araria, Bihar. He earned a degree in mechanical engineering from Government Technical Institute in Gorakhpur.&nbsp;He had the mind of a businessman and in 1976 took over Sahara Finance, which was then a chit-fund company that was struggling.&nbsp;Within a matter of two years, Subrata Roy transformed the company into Sahara India Pariwar, headquartered in Lucknow, Uttar Pradesh.&nbsp;The company would later go on to become one of India's largest conglomerates.

Subrata Roy diversified the business into various sectors. In the year 1992, the group launched Rashtriya Sahara, a Hindi-language newspaper. It also ventured into the television space with Sahara TV which was renamed Sahara One.

The diversification and size of Sahara India Pariwar can be measured by the fact that Time magazine once called the conglomerate second-largest employer in India after Indian Railways.&nbsp;

However, for his success in business, Roy faced a great deal of legal troubles as well along with several allegations of wrongdoings. Supreme Court of India ordered Subrata Roy's detention in 2014 as he failed to appear before the court over a dispute with the Securities and Exchange Board of India (SEBI).

This further led to a prolonged legal battle which even resulted in him spending time in Tihar jail in Delhi.

Condolences have started trickling in after the news of his death.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
सहाराश्री सुब्रत रॉय जी का निधन, अत्यंत दुःखद। 
 
ईश्वर उनकी आत्मा को शांति दें। 
 
शोकाकुल परिजनों को ये असीम दुःख सहने का संबल प्राप्त हो। 
 
भावभीनी श्रद्धांजलि ! <a href="https://t.co/QO6vAjriAv">pic.twitter.com/QO6vAjriAv</a>
— Samajwadi Party (@samajwadiparty) <a href="https://twitter.com/samajwadiparty/status/1724485592590033281?ref_src=twsrc%5Etfw">November 14, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

As per reports, his remains will be brought to Lucknow on Wednesday for the last rites.&nbsp;

Sahara Group founder businessman Subrata Roy has died aged 75. Subrata Roy was a major name in the Indian business fraternity. Born on June 10, 1948, Subrata Roy established a huge business empire with companies in a number of sectors ranging from media, real estate, hospitality, and more.

Sahara Group founder businessman Subrata Roy has died aged 75. Subrata Roy was a major name in the Indian business fraternity. Born on June 10, 1948, Subrata Roy established a huge business empire with companies in a number of sectors ranging from media, real estate, hospitality, and more. Roy was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday (November 12) after his health declined. In its official press statement, Sahara India Pariwar said that Roy passed away on November 14 at 10:30 pm due to cardiorespiratory arrest. The statement added that he fought a long battle with metastatic malignancy, hypertension and diabetes. Roy was born in Araria, Bihar. He earned a degree in mechanical engineering from Government Technical Institute in Gorakhpur. He had the mind of a businessman and in 1976 took over Sahara Finance, which was then a chit-fund company that was struggling. Within a matter of two years, Subrata Roy transformed the company into Sahara India Pariwar, headquartered in Lucknow, Uttar Pradesh. The company would later go on to become one of India's largest conglomerates. Subrata Roy diversified the business into various sectors. In the year 1992, the group launched Rashtriya Sahara, a Hindi-language newspaper. It also ventured into the television space with Sahara TV which was renamed Sahara One. The diversification and size of Sahara India Pariwar can be measured by the fact that Time magazine once called the conglomerate second-largest employer in India after Indian Railways. However, for his success in business, Roy faced a great deal of legal troubles as well along with several allegations of wrongdoings. Supreme Court of India ordered Subrata Roy's detention in 2014 as he failed to appear before the court over a dispute with the Securities and Exchange Board of India (SEBI). This further led to a prolonged legal battle which even resulted in him spending time in Tihar jail in Delhi. Condolences have started trickling in after the news of his death. सहाराश्री सुब्रत रॉय जी का निधन, अत्यंत दुःखद। ईश्वर उनकी आत्मा को शांति दें। शोकाकुल परिजनों को ये असीम दुःख सहने का संबल प्राप्त हो। भावभीनी श्रद्धांजलि ! pic.twitter.com/QO6vAjriAv — Samajwadi Party (@samajwadiparty) November 14, 2023 × As per reports, his remains will be brought to Lucknow on Wednesday for the last rites.

Sahara Group founder Subrata Roy dies at the age of 75

The financial aftermath following the passing of the Chief of Sahara group Subrata Roy. SEBI, the Capital Market regulator, is grappling with undistributed funds exceeding 25,000 CR rupees. As per SEBI's latest annual report, the regulator issued $16 million in refunds over 11 years to investors of two Sahara group firms. However, the total amount deposited in specially open bank accounts for repayment has aged to more than 3 billion US dollars.

Sahara Group Chief Subrata Roy's passing and regulatory challenges

Oscar-winner AR Rahman has created mellifluous music that has made international headlines and Padma Bhushan and Oscar winner Gulzar has written unforgettable lyrics defining India over the decades. Now, Sandeep Singh under his banner Legend Global Studio has brought both these legends together for his upcoming prestigious project - the biopic on business tycoon Subrata Roy.

AR Rahman, on ths collaboration said,&nbsp;"Gulzar Saab's soulful lyrics are extremely inspiring for a musician and I hope I can do justice to the lyrics and the story. I am looking forward to this collaboration."

Gulzar added, "It will be wonderful to collaborate with Rahman again. Subrata Roy's life is enigmatic and inspiring. Rahman is a wonderful artist and musician and I look forward to this collaboration."

Meanwhile, Sandeep Singh shared, "It gives me unbelievable joy to bring these legends of lyrics and music together for a project that is extremely close to my heart. I have been an ardent admirer of the work of AR Rahman ji and Gulzar Saab. Their contribution to the cinema cannot be measured and I am humbled that they are a part of my project. Subrata Roy Sir's life is a tremendous story of grit, determination, and success and it needs the support of these two geniuses to realise this dream on 70 mm. I am humbled and overwhelmed"

News of the Subrata Roy Biopic first broke last month when it was announced that Sandeep Singh had acquired the rights of the film. The film is reported to be one that will span several continents and traverse the tycoon's journey over the decades. Title and cast of the biopic is expected to be announced shortly.

Oscar-winner AR Rahman has created mellifluous music that has made international headlines and Padma Bhushan and Oscar winner Gulzar has written unforgettable lyrics defining India over the decades.

Oscar-winner AR Rahman has created mellifluous music that has made international headlines and Padma Bhushan and Oscar winner Gulzar has written unforgettable lyrics defining India over the decades. Now, Sandeep Singh under his banner Legend Global Studio has brought both these legends together for his upcoming prestigious project - the biopic on business tycoon Subrata Roy. AR Rahman, on ths collaboration said, "Gulzar Saab's soulful lyrics are extremely inspiring for a musician and I hope I can do justice to the lyrics and the story. I am looking forward to this collaboration." Gulzar added, "It will be wonderful to collaborate with Rahman again. Subrata Roy's life is enigmatic and inspiring. Rahman is a wonderful artist and musician and I look forward to this collaboration." Meanwhile, Sandeep Singh shared, "It gives me unbelievable joy to bring these legends of lyrics and music together for a project that is extremely close to my heart. I have been an ardent admirer of the work of AR Rahman ji and Gulzar Saab. Their contribution to the cinema cannot be measured and I am humbled that they are a part of my project. Subrata Roy Sir's life is a tremendous story of grit, determination, and success and it needs the support of these two geniuses to realise this dream on 70 mm. I am humbled and overwhelmed" News of the Subrata Roy Biopic first broke last month when it was announced that Sandeep Singh had acquired the rights of the film. The film is reported to be one that will span several continents and traverse the tycoon's journey over the decades. Title and cast of the biopic is expected to be announced shortly.

AR Rahman and Gulzar to get together for Subrata Roy biopic

The Supreme Court Thursday directed Sahara group chief Subrata Roy to appear before it on February 28 for failing to deposit Rs 25,700 crore in the SEBI-Sahara case for returning investors' money.

The apex court said six months were given to Sahara by its last order to arrange the amount but what has transpired during the period has not inspired the confidence of the court.

A bench headed by Chief Justice Ranjan Gogoi noted that the group has deposited only Rs 15,000 crore.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Supreme Court today granted another opportunity to Sahara Group to deposit rest of the money of Rs 9,000 crore approximately with the SEBI Sahara account, else the law will take its own course. SC also sought personal presence of Subrata Roy on the next date of hearing- Feb 28 <a href="https://t.co/vd9ZaLilAG">pic.twitter.com/vd9ZaLilAG</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1090915107591409664?ref_src=twsrc%5Etfw">January 31, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The bench, also comprising Justices A K Sikri and S K Kaul, declined to give any further chance to Roy and other directors to comply with its previous orders.

It said it had decided to proceed with the matter so that the law takes its own course and directed Roy and other directors to appear before it personally on next date of hearing.

The Supreme Court Thursday directed Sahara group chief Subrata Roy to appear before it on February 28 for failing to deposit Rs 25,700 crore in the SEBI-Sahara case for returning investors' money.

The Supreme Court Thursday directed Sahara group chief Subrata Roy to appear before it on February 28 for failing to deposit Rs 25,700 crore in the SEBI-Sahara case for returning investors' money. The apex court said six months were given to Sahara by its last order to arrange the amount but what has transpired during the period has not inspired the confidence of the court. A bench headed by Chief Justice Ranjan Gogoi noted that the group has deposited only Rs 15,000 crore. Supreme Court today granted another opportunity to Sahara Group to deposit rest of the money of Rs 9,000 crore approximately with the SEBI Sahara account, else the law will take its own course. SC also sought personal presence of Subrata Roy on the next date of hearing- Feb 28 pic.twitter.com/vd9ZaLilAG — ANI (@ANI) January 31, 2019 × The bench, also comprising Justices A K Sikri and S K Kaul, declined to give any further chance to Roy and other directors to comply with its previous orders. It said it had decided to proceed with the matter so that the law takes its own course and directed Roy and other directors to appear before it personally on next date of hearing.

Supreme Court directs Sahara chief Subrata Roy to appear before it on February 28

The Supreme Court today refused to accept Sahara chief Subrata Roy&#39;s plea to put on hold the auction process of the group&#39;s project Aamby Valley in Pune district of Maharashtra.

A bench of justices Dipak Misra, Ranjan Gogoi and A K Sikri said, &quot;The prayer of the contemnor (Roy) is hereby rejected.&quot;

During the hearing, senior advocate Kapil Sibal, appearing for Roy, said that the auction process should be put on hold till September so that his client could arrange Rs 1,500 crore to be deposited into Sebi-Sahara account.

The bench, however, said that it will pass orders at an appropriate time.

Roy had yesterday moved the apex court seeking to put a hold on the auction process to sell the group&#39;s Rs 34,000- crore worth Aamby Valley property by the official liquidator of the Bombay High Court.

The apex court had on July 25 asked the embattled Sahara chief to deposit Rs 1,500 crore in the SEBI-Sahara account by September 7 and said that it might then deliberate upon his plea seeking 18 months more time for making complete repayment.

The court had simultaneously approved the draft sale notice and terms to dispose of the property prepared by the official liquidator of the Bombay High Court.

&quot;The official liquidator shall publish the sale notice as given by him and the notice shall be published on August 14. The steps which are required to be taken for the publication of the sale notice, are allowed,&quot; the court had said.

The Sahara Group had earlier sought 18 months&#39; time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.

Sibal, however, had said that according to the group, the remaining amount was around Rs 8,000 crore and it had made all efforts to deposit the money.

Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was granted the first time to enable him attend the funeral of his mother. It has been extended since then.

Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group&#39;s two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court&#39;s August 31, 2012 order to return Rs 24,000 crore to their investors.

Another company director Vandana Bhargava was not taken into custody.

Roy had asked for a delay of the auction process till September to arrange money which would be deposited in the Sahara-Sebi account.

The Supreme Court today refused to accept Sahara chief Subrata Roy's plea to put on hold the auction process of the group's project Aamby Valley in Pune district of Maharashtra. A bench of justices Dipak Misra, Ranjan Gogoi and A K Sikri said, "The prayer of the contemnor (Roy) is hereby rejected." During the hearing, senior advocate Kapil Sibal, appearing for Roy, said that the auction process should be put on hold till September so that his client could arrange Rs 1,500 crore to be deposited into Sebi-Sahara account. The bench, however, said that it will pass orders at an appropriate time. Roy had yesterday moved the apex court seeking to put a hold on the auction process to sell the group's Rs 34,000- crore worth Aamby Valley property by the official liquidator of the Bombay High Court. The apex court had on July 25 asked the embattled Sahara chief to deposit Rs 1,500 crore in the SEBI-Sahara account by September 7 and said that it might then deliberate upon his plea seeking 18 months more time for making complete repayment. The court had simultaneously approved the draft sale notice and terms to dispose of the property prepared by the official liquidator of the Bombay High Court. "The official liquidator shall publish the sale notice as given by him and the notice shall be published on August 14. The steps which are required to be taken for the publication of the sale notice, are allowed," the court had said. The Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore. Sibal, however, had said that according to the group, the remaining amount was around Rs 8,000 crore and it had made all efforts to deposit the money. Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was granted the first time to enable him attend the funeral of his mother. It has been extended since then. Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group's two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors. Another company director Vandana Bhargava was not taken into custody.

SC rejects Subrata Roy's plea to put Aamby Valley project auction on hold

The Supreme Court has ordered Sahara group chief Subrata Roy to deposit Rs 1,500 crore in the SEBI-Sahara refund account by September 7 while extending the parole of the Sahara chief till October 10.

India&#39;s top court said Rs 1,500 crore which the Sahara chief is supposed to deposit would also include the balance amount of Rs 305.21 crore.

A three-judge bench headed by Justice Dipak Misra was informed by&nbsp;Subrata Roy&#39;s advocate Kapil Sibal that the Sahara chief has deposited Rs 247 crore as against the promised amount of Rs 552.21 crore which was to be deposited in the refund account by July 15.

Sibal told the court that the balance amount of Rs 305.21 crore out of the Rs 552.21 crore would be deposited by August 12.

In April, the Supreme Court had asked the <a href="http://www.wionews.com/south-asia/indias-top-court-orders-auction-of-saharas-aamby-valley-project-14606">Bombay High Court to sell the properties of the Sahara Group-owned Aamby Valley</a>&nbsp;worth Rs 34,000 crore.&nbsp;

&quot;Enough is enough. You cannot say something today and resile tomorrow,&quot; a bench, comprising Justices Dipak Misra, Ranjan Gogoi and AK Sikri, had said.

The Sahara chief has spent almost two years in jail and been on parole since May 6, 2016.

Subrata Roy was first arrested in May 2014 after the Sahara group failed to comply with a court order to refund investor&rsquo;s amount of Rs. 17,600 crores with 15 per cent interest.

Sibal told the court that the balance amount of Rs 305.21 crore out of the Rs 552.21 crore would be deposited by August 12

The Supreme Court has ordered Sahara group chief Subrata Roy to deposit Rs 1,500 crore in the SEBI-Sahara refund account by September 7 while extending the parole of the Sahara chief till October 10. India's top court said Rs 1,500 crore which the Sahara chief is supposed to deposit would also include the balance amount of Rs 305.21 crore. A three-judge bench headed by Justice Dipak Misra was informed by Subrata Roy's advocate Kapil Sibal that the Sahara chief has deposited Rs 247 crore as against the promised amount of Rs 552.21 crore which was to be deposited in the refund account by July 15. Sibal told the court that the balance amount of Rs 305.21 crore out of the Rs 552.21 crore would be deposited by August 12. In April, the Supreme Court had asked the Bombay High Court to sell the properties of the Sahara Group-owned Aamby Valley worth Rs 34,000 crore. "Enough is enough. You cannot say something today and resile tomorrow," a bench, comprising Justices Dipak Misra, Ranjan Gogoi and AK Sikri, had said. The Sahara chief has spent almost two years in jail and been on parole since May 6, 2016. Subrata Roy was first arrested in May 2014 after the Sahara group failed to comply with a court order to refund investor’s amount of Rs. 17,600 crores with 15 per cent interest.

Deposit Rs 1,500 crore by September 7: Supreme Court to Subrata Roy

India&#39;s highest court today asked the Bombay High Court&#39;s official liquidator to prepare terms for auctioning the Rs 34,000 crore worth Aamby Valley, a Sahara property which has been put on&nbsp;sale after Subrata Roy failed to return money to investors.&nbsp;

The Supreme Court also directed Sahara chief to pay Rs 1,500 crore in SEBI-Sahara account on or before June 15. Subrata Roy, in turn, furnished a post-dated cheque of Rs 552 crore to be realised by July 15.

The apex court warned the beleaguered Sahara boss that he may be sent to jail again if the amount is not paid and asked him to be present in court on June 19 when the case comes up for hearing again. Roy&#39;s parole was also extended till June 19.

Chennai-based Prakash Swamy had filed an affidavit on a firm&#39;s behalf intending to buy Sahara&#39;s New York hotel but had failed to deposit Rs 10 crore since Swamy wasn&#39;t present during the hearing the judge&nbsp;ordered Swamy be sent to jail for one month for contempt of court.

Subrata Roy was sent to Tihar jail on March 4, 2014.&nbsp;

Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group&#39;s two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court&#39;s August 31, 2012 order to return Rs 24,000 crore to their investors.

(WION)

Subrata Roy furnished a post-dated cheque of Rs 552 crore

India's highest court today asked the Bombay High Court's official liquidator to prepare terms for auctioning the Rs 34,000 crore worth Aamby Valley, a Sahara property which has been put on sale after Subrata Roy failed to return money to investors. The Supreme Court also directed Sahara chief to pay Rs 1,500 crore in SEBI-Sahara account on or before June 15. Subrata Roy, in turn, furnished a post-dated cheque of Rs 552 crore to be realised by July 15. The apex court warned the beleaguered Sahara boss that he may be sent to jail again if the amount is not paid and asked him to be present in court on June 19 when the case comes up for hearing again. Roy's parole was also extended till June 19. Chennai-based Prakash Swamy had filed an affidavit on a firm's behalf intending to buy Sahara's New York hotel but had failed to deposit Rs 10 crore since Swamy wasn't present during the hearing the judge ordered Swamy be sent to jail for one month for contempt of court. Subrata Roy was sent to Tihar jail on March 4, 2014. Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group's two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors. (WION)

Supreme Court orders Subrata Roy to pay up or go to jail

The Supreme Court of India Monday asked Bombay High Court to sell the properties of the Sahara Group-owned Aamby Valley and directed its chief Subrata Roy to personally appear before it on April 28.

The bench asked the official liquidator, attached with the Bombay High Court, to auction the Rs 34,000 crore worth Aamby Valley properties and directly report to it. It also also directed Roy, the Sahara Group as well as market regulator SEBI to provide all necessary details relating to the properties to the official liquidator within 48 hours.

&quot;Enough is enough. You cannot say something today and resile tomorrow,&quot; a bench, comprising Justices Dipak Misra, Ranjan Gogoi and AK Sikri, said today, taking strong note of non-submission of the money.

The bench also cautioned Roy from playing with the court&#39;s order and said non-compliance of its order would invite the wrath of the law and ultimately he will be at his own peril.

The top court on Monday (April 17) also restrained one Prakash Swamy, who has filed an affidavit with regard to the sale of Sahara hotels in the USA, from leaving India and asked him to deposit Rs 10 crore as fine with market regulator SEBI.

Prakash Swamy will also have to appear in person before the top court on April 28.

On April 6, the top court had ordered the Sahara Group to deposit Rs 5092.6 crore in SEBI-Sahara refund account by April 17, and warned it would be &quot;compelled&quot; to auction the Aamby Valley properties in Pune if the order was not complied with.

The top court had told the group that no extension of time would be granted for depositing the amount.

The observation had come when the lawyer mentioned an interim plea seeking extension of time for depositing the money in the SEBI-Sahara refund account.

The court had also observed that it had clearly told the group that a &quot;substantial amount&quot; must come in the refund account.

&quot;Whatever you do, we had told you that a substantial amount must come. Otherwise we will be compelled to put up Aamby Valley for auction,&quot; the bench had said, noting &quot;What matters is the money coming in the kitty.&quot;

The apex court had on February 28 said &quot;in case, the substantial amount is deposited, this court may think of extending the time, otherwise appropriate direction shall be issued&quot;.

An international real estate firm -- which had shown willingness to buy Sahara&#39;s stake in New York-based Plaza Hotel for USD 550 million -- was asked by the court&nbsp;last month to deposit Rs 750 crore in the SEBI-Sahara refund account, instead of the top court registry to show its bonafide.

The Supreme Court had earlier directed attachment of Sahara Group&#39;s prime property for realisation of money to be paid to its investors.

It had also asked the group to provide it within two weeks the list of &quot;unencumbered properties&quot; which can be put up for public auction to realise the remaining over Rs 14,000 crore of the principal amount of around Rs 24,000 crore that has to be deposited in the SEBI-Sahara account for refunding the investors.

Subrata Roy was sent to Tihar jail on March 4, 2014.

On November 28 last year, the court asked Subrata Roy to deposit Rs 600 crore more by February 6 in the refund account to remain out of jail and warned that failure to do so would result in his return to prison.

He was granted four-week parole to attend the funeral of his mother on May 16, 2016.

His parole has been extended by the court ever since.

Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group&#39;s two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court&#39;s August 31, 2012 order to return Rs 24,000 crore to their investors.

(WION with inputs from PTI)

The Supreme Court of India asked Sahara chief Subrata Roy to appear before it on April 28

The Supreme Court of India Monday asked Bombay High Court to sell the properties of the Sahara Group-owned Aamby Valley and directed its chief Subrata Roy to personally appear before it on April 28. The bench asked the official liquidator, attached with the Bombay High Court, to auction the Rs 34,000 crore worth Aamby Valley properties and directly report to it. It also also directed Roy, the Sahara Group as well as market regulator SEBI to provide all necessary details relating to the properties to the official liquidator within 48 hours. "Enough is enough. You cannot say something today and resile tomorrow," a bench, comprising Justices Dipak Misra, Ranjan Gogoi and AK Sikri, said today, taking strong note of non-submission of the money. The bench also cautioned Roy from playing with the court's order and said non-compliance of its order would invite the wrath of the law and ultimately he will be at his own peril. The top court on Monday (April 17) also restrained one Prakash Swamy, who has filed an affidavit with regard to the sale of Sahara hotels in the USA, from leaving India and asked him to deposit Rs 10 crore as fine with market regulator SEBI. Prakash Swamy will also have to appear in person before the top court on April 28. On April 6, the top court had ordered the Sahara Group to deposit Rs 5092.6 crore in SEBI-Sahara refund account by April 17, and warned it would be "compelled" to auction the Aamby Valley properties in Pune if the order was not complied with. The top court had told the group that no extension of time would be granted for depositing the amount. The observation had come when the lawyer mentioned an interim plea seeking extension of time for depositing the money in the SEBI-Sahara refund account. The court had also observed that it had clearly told the group that a "substantial amount" must come in the refund account. "Whatever you do, we had told you that a substantial amount must come. Otherwise we will be compelled to put up Aamby Valley for auction," the bench had said, noting "What matters is the money coming in the kitty." The apex court had on February 28 said "in case, the substantial amount is deposited, this court may think of extending the time, otherwise appropriate direction shall be issued". An international real estate firm -- which had shown willingness to buy Sahara's stake in New York-based Plaza Hotel for USD 550 million -- was asked by the court last month to deposit Rs 750 crore in the SEBI-Sahara refund account, instead of the top court registry to show its bonafide. The Supreme Court had earlier directed attachment of Sahara Group's prime property for realisation of money to be paid to its investors. It had also asked the group to provide it within two weeks the list of "unencumbered properties" which can be put up for public auction to realise the remaining over Rs 14,000 crore of the principal amount of around Rs 24,000 crore that has to be deposited in the SEBI-Sahara account for refunding the investors. Subrata Roy was sent to Tihar jail on March 4, 2014. On November 28 last year, the court asked Subrata Roy to deposit Rs 600 crore more by February 6 in the refund account to remain out of jail and warned that failure to do so would result in his return to prison. He was granted four-week parole to attend the funeral of his mother on May 16, 2016. His parole has been extended by the court ever since. Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group's two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors. (WION with inputs from PTI)

India's top court orders auction of Sahara's Aamby Valley project

India&rsquo;s Supreme Court, which had earlier today ordered Sahara chief Subrata Roy to be taken into custody till October 3, decided to extend his parole by a week. 
 
A two-judge bench headed by chief justice Tirath Singh Thakur passed the order after hearing an application filed by Kapil Sibal, the lawyer appearing for Roy, reported ANI. 
 
Roy was first arrested in March 2014 after Sahara, a household name in India, failed to comply with a court order to refund 360 billion Rupees ($5.4 billion) raised from millions of small investors by selling them bonds later ruled to be illegal. 
 
Roy was released from prison on parole in May and the hearing on Friday was to determine whether it should be extended. 
 
Earlier in the day, agency reports said that the Supreme Court had cancelled all interim relief including bail granted to Roy and two others and directed they be taken into custody. 
 
The apex court had on September 16 extended Roy&#39;s parole till September 23. 
 
The decision, earlier on Friday, to not grant a further extension was made after national markets regulator, the Securities and Exchange Board of India (SEBI), told the court it was unable to raise money from Sahara properties as they had been requisitioned by the income tax department against unpaid dues. 
 
SEBI on Friday also made an application in court to appoint a receiver to handle Sahara&#39;s properties. 
 
(WION with inputs from agencies)

It temporarily stayed an order it had issued just hours before that he be taken back into custody

India’s Supreme Court, which had earlier today ordered Sahara chief Subrata Roy to be taken into custody till October 3, decided to extend his parole by a week. A two-judge bench headed by chief justice Tirath Singh Thakur passed the order after hearing an application filed by Kapil Sibal, the lawyer appearing for Roy, reported ANI. Roy was first arrested in March 2014 after Sahara, a household name in India, failed to comply with a court order to refund 360 billion Rupees ($5.4 billion) raised from millions of small investors by selling them bonds later ruled to be illegal. Roy was released from prison on parole in May and the hearing on Friday was to determine whether it should be extended. Earlier in the day, agency reports said that the Supreme Court had cancelled all interim relief including bail granted to Roy and two others and directed they be taken into custody. The apex court had on September 16 extended Roy's parole till September 23. The decision, earlier on Friday, to not grant a further extension was made after national markets regulator, the Securities and Exchange Board of India (SEBI), told the court it was unable to raise money from Sahara properties as they had been requisitioned by the income tax department against unpaid dues. SEBI on Friday also made an application in court to appoint a receiver to handle Sahara's properties. (WION with inputs from agencies)

India's Supreme Court extends Sahara chief Subrata Roy's parole by a week

subrata-roy

Subrata Roy, News on Subrata Roy, stories on Subrata Roy, articles on Subrata Roy, Subrata Roy stories at Wion, Subrata Roy news, Subrata Roy latest news

subrata roy