Subrata Roy sent to jail, courtesy the mysterious Mr Roshan Lal
Identity of Mr Roshan Lal remains a mystery, but Sahara Group chief Subrata Roy is sitting in jail
Mar 12, 2014
Source : The Financial Express

 

DELHI: In the Sahara group's Subrata Roy case, the angle of political or corporate rivalry behind the case has always existed.

Two seemingly isolated events were instrumental in SEBI being alerted to the September 2009 filing of the DRHP by Sahara Prime City. On January 4, 2010, a certain Roshan Lal, who claimed to be an Indore-based chartered accountant, sent a letter to the National Housing Bank (NHB), requesting that the housing sector regulator look into anomalies in bond issues of Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL).

Lal’s note was forwarded by the NHB to SEBI. A month earlier, the capital markets regulator had got a somewhat similar note from an Ahmedabad-based advocacy group named the Professional Group for Investor Protection.

Sahara group lawyers have stated on record that Enam Securities, the merchant banker in the Sahara Prime City issue, sent a response to Lal’s address in Indore’s Janata Colony, but the address was untraceable.

While the identity of Lal remains a mystery, based on the contents of his complaint and that of the Ahmedabad-based group, SEBI, on November 24, 2010, issued an order banning the Sahara Group from raising money from the public in any form.

Latest Realty News

Sahara companies gave each other Rs 16,000 crore in cash
Mar 12, 2014
DELHI: Asked by the Supreme Court to give bank transaction details of Rs 20,000-odd crore they claimed to have refunded to investors, Sahara group companies on Tuesday said they had transferred cash from one company to the other and had not resorted to banking instruments.
SC body for probe into Kulwant's land deals
Mar 12, 2014
CHANDIGARH: National Scheduled Castes Alliance (NSCA) president Paramjit Saingh Kainth on Tuesday demanded a commission of inquiry to probe the alleged nexus between politicians and real estate entrepreneurs in Punjab, especially to probe the growth of realtor Kulwant Singh as a candidate of the ruling Shiromani Akali Dal (SAD) in the Lok Sabha elections.
Real-estate companies' ponzi scam worth over Rs 45,000 crore: CBI
Mar 12, 2014
DELHI: CBI claimed the documents recovered by it during searches at the premises of Delhi-based business groups PACL and PGF show they allegedly used ponzi scheme to cheat nearly five crore investors of Rs 45,0000 crore.
Roy's sons quit firm days before bond issue
Mar 12, 2014
DELHI: Sahara chief Subrata Roy’s sons, Sushanto and Seemanto, resigned from the board of Sahara India Real Estate Corp Ltd (SIRECL) days before the company issued its prospectus for the bonds that landed their father in jail.
Godrej Properties jumps after adding new project in Vikhroli
Mar 12, 2014
NAVI MUMBAI: Godrej Properties jumped 5.50% to Rs 180.30 at 13:36 IST on BSE after the company said it will develop a new project in Vikhroli through its agreement with Godrej & Boyce.
Many Sahara real estate projects still on drawing board
Mar 12, 2014
MUMBAI: Sahara City Homes, housing projects of the Sahara group’s real estate arm, have the tagline Jahaan Bassey Bharat (where India lives). A look at the progress in many of these, however, presents a different picture.
Infrastructural development boosting growth of Greater Noida
Mar 12, 2014
DELHI: With a lot of world-class infrastructure in place, many experts are now saying that Greater Noida has surpassed the developments in other NCR cities like Gurgaon and Faridabad
IT searches Hiranandani group in Mumbai, other places
Mar 12, 2014
MUMBAI: The Income Tax department today conducted searches at 20 locations of real estate major Hiranandani group in Mumbai and other cities in connection with alleged tax evasion.
DLF gets Rs 93.5 crore from IDFC against sale of Noida IT Park
Mar 12, 2014
DELHI: India's largest realty firm DLFBSE 0.06 % today said it has received Rs 93.5 crore from IDFCBSE -2.42 % as final instalment for acquiring an IT Park project in Noida.
Unitech sells 11 acres of land to pay LIC loan
Mar 12, 2014
DELHI: UnitechBSE 3.12 % has sold two plots of land in Mysore and one in Bangalore with a total area of 11 acres for more than 130 crore, a senior executive at India's fourth biggest real estate firm said. Part of the proceeds will be used for paying an overdue installment of a 200-crore loan taken from Life Insurance Corporation of India, he said, asking not to be named.

Latest Realty News Of State

Realty Talk's