The court was hearing a plea by market regulator Securities and Exchange Board of India (Sebi) which alleged that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the site.
The bench, however, gave time till September 7 but directed Subrata Roy to pay Rs 1,500 crore by this date in the refund account. This will include the Rs 305.21 crore towards the cheque and the balance he owes to the refund account for investors.
The Sahara Group in November had presented a road map for the repayment of an outstanding amount of Rs 11,136 crores to SEBI and proposed to clear its liabilities in two-and-a-half years to ensure 'ábsolute' release of Roy.
The Income Tax Settlement Commission has admitted that, in the last five years, no case has been disposed by it as quickly as the one of Sahara India. And that, in what is a departure from procedure, it did not seek any inquiry from the Income Tax Department for which it had a 90-day period.In […]
In what could be one of the quickest orders passed by the Income Tax Settlement Commission (ITSC), Sahara India has been granted immunity from prosecution and penalty following raids conducted on November 2014 during which “diaries” listing alleged pay-offs to politicians were recovered. Significantly, the ITSC has concurred with Sahara’s claim that the “evidentiary value” […]