Sahara owns properties such as London’s Grosvenor House and at least 120 companies, including television stations, a hospital, a dairy farm, and retail shops selling products from detergents to diamonds. The case involving the Sahara group and the jailing of its owner is landmark since it shows that even powerful companies that defraud investors can be brought to book. On 13 August 2012, Sahara India announced the opening of its retail FMCG business named 'Q shop' (Quality shop) with an initial investment of ₹3,000  crores. Well known films produced by the company include Bewafaa, Page 3, Sarkar, No Entry, and Wanted. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. [24], Sahara owned a controlling stake in New York City's Plaza Hotel and Dream Downtown Hotel, New York. Sahara India Pariwar's Sahara Q Shop entered into the, This page was last edited on 2 March 2021, at 11:53. Apparently, this had resulted into a huge traffic jam on outskirts of Mumbai, where the regulator is headquartered. It also owns Sahara One, a general entertainment channel; Filmy, a Hindi movie channel; and Firangi, an entertainment channel. We ask you to keep your comments relevant and respectful. Roy, who began operations in 1978 by going door to door to collect small amounts of cash, is seeking to convince the top court that Sahara has complied with an order to refund 240 billion rupees (US$3.9 billion) to 30 million depositors. With this approval, Sahara India Life Insurance Company Ltd. becomes the first 100% wholly and purely Indian company, without any foreign collaboration to enter the Indian Life insurance market. Sahara Group Company Profile - 1 About Us Business Activities Our Footprint Sustainability Our People A bout U s 9 Netflix, who has complied with the court's ruling, is still planning to air Bad Boy Billionaires this week, according to … [53] The company claims to have assisted families whose homes were damaged in the 2006 Gujarat earthquake. PUNIT PARANJPE/AFP/Getty Images Article content. In today’s statement, Roy had sought house arrest until March 3. Sahara was ordered on August 31, 2012, to pay Rs 25,718 crore to Sebi, to be distributed by the market regulator to investors in the two schemes. [54][55][56], In 2013, Sahara contributed to the relief efforts in flood-hit Uttarakhand region wherein one lakh bottles of drinking water, juice bottles and food packets along with candles and match boxes were said to be provided by them. The financier defied summons and failed to appear in court on Feb. 26, prompting a non-bailable arrest warrant. [39], Furthermore, the market regulator SEBI advertised four times in more than 144 newspapers to ask the investors of Sahara to refund the money. Until 2018, Sahara was a partial owner of New York’s Plaza Hotel. Sahara Group has recently announced its plan to foray into the electric vehicle business under a new brand name 'Sahara Evols'. Owner Sahara Group January 1980 – Present 39 years 9 months. The launch is with an initial paid-up capital of 157 crores. SEBI in return ordered Sahara's two companies to stop issuing the said bonds and return money to investors. Sahara One Media & Entertainment Ltd. fell 3% to 60.10 rupees. Sahara India Pariwar is an Indian conglomerate headquartered in Lucknow, India. “He wasn’t there, so we came back.”. In 1978, Sahara group was termed by the Time magazine as ‘the second largest employer in India' after the Indian Railways. Roy, 65, submitted to police and is cooperating with the Supreme Court’s directive, his son Seemanto Roy said at a press conference in New Delhi Friday. Sahara contested the case in various courts which eventually came to Supreme Court of India. “My earnest request to the administration is to help me on humanitarian grounds.”. Monday ... Are you the owner of this business? One of Sahara's arguments in the apex court revolves around the fact that if one government body has found investors, why can't the other. The first, the principal complaint, was on the propriety of the judex awarding the sum of N7,129,636.36 as general damages to the Respondent for unlawful dismissal. In October 2014, a shocking revelation was made when only around 4,600 investors in two Sahara group companies had come forward to claim refunds from the Securities and Exchange Board of India (SEBI), which had asked those who had purchased bonds issued by the entities to claim their money. There were 25 medical health unit vans equipped with doctors and free medicines made available and It was said by the group that, they will contribute to the rehabilitation program by constructing 10,000 pre-fabricated houses. The group operates more than 5,000 establishments across India with the employee strength around 1.2 million (both field and office) under the Sahara India umbrella. On 26 February 2014, the Supreme Court of India had issues warrants to summon Subrata Roy, Managing Worker, Chairman and founder of Sahara India Pariwar, on a litigation on the Optionally Fully Convertible Debentures issued by the two companies of Sahara India Pariwar to which Securities and Exchange Board of India had claimed its jurisdiction and objected on why Sahara has not taken permission from it. [41], He was granted interim bail by the Supreme Court on 26 March 2014 on the condition that he would deposit the huge bail amount of ₹100 billion (US$1.4 billion). [45], On 1 July 2018, the group revealed that majority of ₹200 billion (US$2.8 billion) of Sahara's money (including the interest) which is with SEBI will be refunded back to Sahara India as the group had already made majority of the payments to its investors. “I am not that human being who will abscond,” Roy said in today’s media statement, explaining he had left his house in Lucknow to consult doctors on his mother’s medical reports when the police were looking for him. also involved the owner of Aiteo, Benny Peters, Atlantic Energy, owned by. [43] In Tihar jail, Subrata unsuccessfully tried to sell some of his hotel properties to raise ₹100 billion (US$1.4 billion) for his bail bond. Ltd. manages 16 equity and debt mutual funds. In badminton, it owns the Awadhe Warriors of Lucknow, one of the eight teams in the Indian Badminton League. © 2021 Financial Post, a division of Postmedia Network Inc. All rights reserved. In 1978, Roy set up Sahara. [3][4] In 1978, Sahara group was termed by the Time magazine as ‘the second largest employer in India' after the Indian Railways. We encountered an issue signing you up. Monday, September 03, 2018 0 8. Shares of Sahara Housingfina Corp., a listed group company, fell 3% to 37.55 rupees in Mumbai, compared with a 0.6% gain in the benchmark S&P BSE Sensex. The Board and management of The Sahara Group of Companies wishes to inform the general public and other stakeholders that one of our co-founders and Executive Director, Mr. Tonye Patrick Cole has formally informed the Board of his decision to participate in active politics. [40], Reports also suggested that between the time that SEBI first initiated the inquiry four years ago and Roy's eventual detention and it is to note that till today there is not a single charge against him, there has not been a single instance of an investor in either of the two Sahara firms under watch actually filing a police complaint or going to court. We have seen scams, Ponzi schemes and cases of unscrupulous entities running away with investors’ money. By 31 August 2012 the date of Supreme Court order, the group repaid majority of its OFCD investors between May the last date of hearing and by 30 August 2012 the final order. 121,653 employees of the company sang India's national anthem on 6 May 2013 in Lucknow, India. “The former minister’s offshore processing agreement with Sahara Energy.