Sahara Chief Subrata Roy surrenders, to be produced before court Friday Feb 28,2014

Sahara Group chief Subrata Roy surrendered before the police in Lucknow on Friday, a day after they failed to trace him to execute a Supreme Court warrant for his arrest.

"As a law-abiding citizen of the country, this morning he willfully submitted himself to Lucknow police. He is co-operating with the authorities," said Seemanto Roy,son of Subrata Roy.

What is all about?

Feb 28, 2014, 08.36 AM IST | Source: Moneycontrol.com Timeline of the Sebi-Sahara case The Securities and Exchange Board of India (Sebi) had asked Sahara to refund over Rs 20,000 crore to investors. 1 5 0 Google +0 0 Comments (2) HDFC Life™ Term Plan : Premium Starts at Just Rs. 2000/yr. No Medicals upto 75L Cover* Buy Now www.hdfclife.com/Term-Insurance - Ads by Google The Supreme Court on Wednesday issued a non-bailable warrant against Sahara chief Subrata Roy for non-appearance despite a summon. This was in connection with the over two-year long Sebi-Sahara legal fight, which started in August 2012. The Securities and Exchange Board of India (Sebi) had asked Sahara to refund over Rs 20,000 crore to investors. We bring you the background and timeline of events which led to this ruling. November 24, 2010: Sebi restricts the promoters and directors of two Sahara group companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, from raising any capital through the issue of securities: either equity shares, convertible debentures or any other securities. December 13, 2010: Lucknow bench of Allahabad High Court stays Sebi order January 2011 *SC turns down Sebi’s plea to stop two firms from raising money from investors, but empowers it to seek information and issue advertisements to inform investors that the matter is pending investigation. *Sebi issues a public notice on its website cautioning investors against the buying debentures of Sahara India Real Estate Corp and Sahara Housing Investment Corp. *Sahara India Real Estate sends a legal notice to Sebi. April 2011 *The Lucknow bench of Allahabad High Court vacates stay *Sebi issues a public notice alerting investors about a ban on money mobilisation by two Sahara group firms. *Sahara Group files a petition in the Supreme Court challenging the Allahabad High Court order, which asked it to share full details of investors participating in its fund-raising exercise with Sebi. *Sahara accuses Sebi of defaming the company. May 2011 SC directs Sebi to proceed with its investigation into financial instruments used by two Sahara group companies to raise money from the public. June 2011 Sebi directs Sahara firms to immediately refund the money collected through sales of optionally fully convertible debentures (OFCDs) with annual interest of 15 percent. July 2011 *Sahara appeals in SC that Sebi has no jurisdiction. Seeks notice to Centre. *SC directs Sahara to approach SAT against Sebi order on OFCDs October 2011: SAT upholds Sebi order against Sahara to refund money. November 2011: SC stays SAT order January 2012: SC gives Sahara group companies three weeks’ time to choose between two courses to secure the investments made by the public in the OFCD scheme -- either to give sufficient bank guarantee or attach properties worth the amount. August 31, 2012: A Supreme Court bench of Justice Radhakrishnan and Justice Khehar rules in favour of Sebi and orders the two Sahara companies to return to its OFCD investors the full outstanding amount of over Rs 20,000 crore, alongwith 15 percent interest, within three months. October 2012: Sahara companies file a review petition in the Supreme Court. Sahara claims it sent a truckload of documentation to Sebi within the 10-day limit. But Sebi did not accept it as the documents arrived on the 10th day, after office hours. October 19, 2012: Sebi approaches Supreme Court alleging Sahara’s non-compliance with the main order. November 2012: Sebi files a contempt petition against Sahara claiming it had not furnished the investor documents within the court stipulated time. December 2012: The Sahara Group gets a temporary reprieve from the SC. The apex court grants it more time to repay the money. January 2013: Sahara misses the repayment deadline set up by SC. The company fails to deposit the second installment amount with market regulator. It was required to submit Rs 10,000 crore by January first week. February 2013: SC refuses to hear a plea asking for extension of deadline to refund investors’ money. Sebi moves in to attach properties of the group and group chief. March 2013: Sahara approaches special appellate tribunal against Sebi move to attach properties. Sebi seeks arrest of Roy. Sebi also says most of records provided by Sahara untraceable, implying several accounts were fictional. July 2013: Sebi files a contempt petition against Sahara in SC. Says company flouting SC direction to make refund. November 2013: SC bars Subrata Roy from leaving country. Sahara attacks Sebi, calls it a “sarkari gunda” which is working with political patronage. February 2014: SC issues non bailable warrant against Roy for failing to appear at a court hearing. RELATED NEWS Roti, Kapda & Makaan: What do home buyers want? No TDS on Service Tax component of purchased property READ MORE ON Sebi, Sahara, OFCD, bond, issue, refund, arrest, Supreme Court, property, attached, Subrata Roy, passport, advertisement, High Court, SAT ADS BY GOOGLE Free Demat Account : With Money Back Guarantee*. Trade Across Multiple Devices. Open Now! religareonline.com/Demat_Account Lenovo Flex 10 Laptop : Flexperience it. why need a Tablet? Flex starts @ Rs.26000. Shop Now! www.lenovo.com/Flex_Laptops Previous Buy Gujarat Pipavav Port; target of Rs 89: Ventura Next India opportunity for eBay; leads $133mn Snapdeal invstmnt Post Your Comments Comments 2 Should the Sahara chief be arrested for defying SC? Type your message here avinashsai ni25 New Member 0 Follower It shouldn`t be done. This is again win of bad politics of India. Actually it was not between Sahara and Sebi, it is between Sahara and some political powers. Sebi is just directed by those powers to intentionally accuse Sahara. 1 day 53 min 47 sec ago sygcom Silver Member 1 Followers The last entry should be Feb 2014, not Feb 2013. 1 day 3 hrs 15 min 48 sec ago Show all messages Get Quote Heavyweights Narendra Modi 13802.21 4.67% 53869 9166 Arvind Kejriwal 1245.83 5.20% 36851 45130 Arun Jaitley 2261.18 2.44% 17353 4851 most popular top news Ranbaxy, JP Associates to exit Nifty from Mar 28 Subrata Roy says sorry to SC, UP Police fails to arrest him Check out: Top five trading stocks for short term gain Maruti falls 5%, Guj plant 'worrisome': Brokerages tell why Stocks in news: Tech Mahindra, USL, Fin Tech, SPARC WhatsApp to offer voice svcs: Should telcos start sweating? 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on Wednesday issued a non-bailable warrant against Sahara chief Subrata Roy for non-appearance despite a summon. This was in connection with the over two-year long Sebi-Sahara legal fight, which started in August 2012.

Read more at: http://www.moneycontrol.com/news/business/timelinethe-sebi-sahara-case_1048523.html?utm_source=ref_article