Back to Home PageWelcome Guest! Register | Login | Home | Contact Us | Site Map | Advertise | FAQ | Search
Canadian Desi
    Charcha


        
  Canada Immigration Forum > General > Our Native Country! > Sahara Subrata Roy Imbrolgio : Bail 10,000 cr.
Last Post | Newest Post
 
< [ 1 ] [ 2 ] >

Sahara Subrata Roy Imbrolgio : Bail 10,000 cr.




ramar2005
Senior Desi
Member since: Sep 04




Posts: 1233
Location: India.


Quote:
Originally posted by MKBLR

Yash Birla is also the same kind. he's a spoilt brat who tries to run a business using the family name. he failed big time. He was on the run, now caught. IT and ED officers are questioning him on his dirty dealings. There are more top notch business tycoons who may be in the same situation such as Ruias.



There was this news item that Mallya bought Yuvraj Singh in the IPL for 14 crores, when more than 18 months salary is pending for Kingfisher Airline employees. If the government wants to bring successful foreign businesses to run in India, people cry hoarse that it is killing domestic competition. Now the same organisations take all exemptions, milk the PSUs like IOC and PSBs like SBI, then suddenly announce they are sick and want to sell to foreign players.

Every other day media criticizes subsidies for the common man. But there are unscrupulous businessmen, where a single individual carts away what would have been subsidy for a million.

Just like acting against corruption among politicians and government servants, if Modi is not going to act against these corrupt people who are in the garb of "businessmen" and "industrialists", all talk of development will only be for the rich.

-----------------------------------------------------------------


 
Post ID: 210996 08-03-14 02:08:38
Report Abuse
ramar2005
Senior Desi
Member since: Sep 04




Posts: 1233
Location: India.


Here is The Hindu BL's editorial which says that the case may be more than what SEBI can handle but by Enforcement Directorate, of phantom investors and their unclaimed wealth.

On all this the MMS government policy is silence as usual.

Why can't the government confiscate the entire 37,000 crores as money for the people of India and return if and only if the claims are genuine.

But on any issue where it is People of India Versus Criminals & Swindlers, the government always sides with the latter.

http://m.thehindubusinessline.com/opinion/editorial/sahara-for-whom/article

We must make up our minds about whether the Sahara case is about investor grievances or money-laundering.

It is tempting to think that the long arm of the law has finally caught up with the Sahara Group chief Subrata Roy. The issue of a non-bailable warrant and the remand to judicial custody may seem, on the face of it, like important milestones in a case that everyone seems to pretend is about returning ₹20,000 crore to some three crore investors. But as this high-profile case continues to hog media headlines and occupy reams of newsprint, it seems relevant to ask the question that should stare SEBI and the Supreme Court in the face is this really about settling investor grievances? Sahara may be guilty of many things, but it is misplaced to equate this scam with Saradha or the other chit fund rackets that have emerged from time to time. Leave alone three crore people, there have been no instances of even small groups of investors taking to the streets alleging they have been cheated which is routine in Saradha-type scams. SEBI has taken up this case on behalf of three crore investors, but it has been able to disburse barely ₹1 crore of the ₹5,120 crore that Sahara has deposited with it. This raises the question what exactly will SEBI do with the additional ₹20,000 crore in case Sahara is forced to cough up. Who is it going to give it to?

The question highlights a fundamental contradiction in the manner in which the case has being pursued against Sahara from the very beginning. Why is it being treated as an investor grievance issue if, as seems very likely given the available evidence, the investors simply dont exist, are fictitious creatures used to dress up Saharas account books? Even the Supreme Court has raised the possibility of these investors being mere phantoms. If this is true, then shouldnt we be addressing this case as an elaborate money-laundering scheme? In turn, shouldnt the prosecution be led by the Enforcement Directorate (which has registered a couple of cases against Sahara) rather than SEBI, which is mandated to invest protectors but hardly equipped to investigate the source of ill-gotten money?

If one is going to get to the bottom of the Sahara story, then this case cannot be handled only as if it were one in which two group companies violated capital market regulations. Quite clearly, it goes well beyond technicalities such as whether or not they issued bonds in violation of the Companies Act and without the approval of the regulator. The Supreme Court and SEBI may have put the screws on Subrata Roy, but only a final turn will reveal the big fish that funded Saharas para-banking activity. This is something that must be pursued, and with the utmost seriousness, under the Prevention of Money Laundering Act.



-----------------------------------------------------------------


 
Post ID: 211008 09-03-14 01:19:37
Report Abuse
Fido
Senior Desi
Member since: Aug 06




Posts: 5286
Location: Canada


The SC is still a body in India which is uncorrupted ...

SC sets Rs 10,000 cr for Sahara chief's bail

Mr. Roy has been in Tihar jail for over a year.

However, things touched ground zero for Mr. Roy when his counsel and senior advocate Kapil Sibal informing the court that the bank has "backed out" from giving the guarantee and there is no money currently for his release.

The three-judge Bench led by Justice T.S. Thakur said this judgment making his release conditional on payment of guarantee was drafted on the assurance given by Sahara that they had the bank guarantees ready. "Yes but the bank backed out after media reports came out on the proceedings," Mr. Sibal replied. The lawyer added that it would be difficult for Mr. Roy to pay up without first getting released from jail.

Justice A.K.Sikri, who authored the verdict, said the judgment has already been passed, indicating to Mr. Sibal that nothing can be done now until Sahara chooses to pay up. The judgment said once Mr. Roy is released on bail, whenever that is, he has 18 months to repay his depositors his total liability of Rs. 36, 000 crore.

The court said this payment should be made in the instalments of Rs. 3000 crore in every two months. Default of two months will land Mr. Roy back in jail. The court further refused Mr. Roy's application for parole, but agreed to extend conference room facilities for him inside Tihar for a period of eight weeks so that he can negotiate with prospective buyers and find money to pay for his bail.

Mr. Roy is in jail since March 2014 unable to pay Rs. 10,000 crore for his bail. The Bench while reserving the case for judgment in mid-May, had sought details on how the group proposes to proceed with the sale of its assets and payment to the SEBI.

The apex court on August 31, 2012 had said the group was required to refund Rs 24,000 crore with 15 per cent interest in three months to the depositors. It had on March 26, 2014 asked 65-year-old Roy to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore should be paid in cash and rest in bank guarantees.

During the last hearing, a battery of senior lawyers led by Kapil Sibal sought release of Roy from jail saying that he will be submitting a scheme on repayment in July and he can be sent back he defaults.

As a goodwill gesture, please release him. Please give six weeks time to him and he be sent back to jail if he does not do the needful, Sibal said, adding keeping him in jail does not serve any bodys purpose.

Please do not feel that we are insensitive and for last 16 months, we had been asking your client about the payment of money. This is not an ordinary case and its a case of its own kind. This man is in jail for the last 16 monthshow do you ensure that money is recovered, the Bench had responded during the hearing.

The court had also earlier permitted Mr. Roy to use facilities like the conference room in Tihar jail complex to hold negotiations with potential buyers to sell his three luxury hotelsDream Downtown and The Plaza in New York and Grosvenor House in Londonto raise Rs 10,000 crore to get regular bail.

-----------------------------------------------------------------
Fido.

 
Post ID: 223259 19-06-15 15:37:28
Report Abuse
tamilkuravan
Senior Desi
Member since: Jun 05




Posts: 5757
Location: God's own country


The SC is still a body in India which is uncorrupted ...

SC sets Rs 10,000 cr for Sahara chief's bail


Nope. Canot say that 100 %.
There are bad apples everywhere. May be corruption is less in the SC.

Previous SC Judge Markandey Katju is retired (a clean man) and he is now in FB promiting Indians to take India to the highest standard and is against corruption.

He is telling that the current CJI Mr. Dutta has amassed more wealth than is possible by his normal salary. He has given proof of this (which was given to him by someone else) to the Media but the media refuses to publish it. He has given the proof to Mr. Shanti Bhushan but still no response.

http://blogs.rediff.com/backfoot/2015/06/14/katjus-challenge-impeach-cji-dattu-or-jail-me-for-contempt/

Murali

-----------------------------------------------------------------
I am a Gents and not a Ladies.

 
Post ID: 223273 20-06-15 01:30:25
Report Abuse
Contributors:
Fido(3)  MKBLR(2)  ramar2005(7)  san-hugo(1)  tamilkuravan(1)  
< [ 1 ] [ 2 ] >
 
Show Printable version
Send this page to a friend
Add to favorites
 


 
Web
CanadianDesi
Please Contribute!
Write an Article
Send Community News
Create Photo and Video Albums
Submit Good Pictures
List Useful Websites
Post Jobs
Submit Events
List for FREE!
Businesses
Classifieds
Social Organizations
Religious Places
Employment Agencies
Email Page
Your Email
Friend\'s Email

Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.