SC back to confiscating Sahara’s properties despite banks, investors not asking for money

Sahara India group’s running battle with the market regulator Sebi and protracted legal proceedings before the Supreme Court has intrigued even the most astute legal observers. Its chief Subrata Roy was sent to jail by the apex court in March 2014 following his defiance in not obeying its order to repay the proceeds of debentures issued illegally by two of its group companies, Sahara India Real Estate Corp and Sahara Housing Invest Corp. The Sebi had declared the public issues by these two companies illegal way back in August 2012.

On 6 February 2017, the Supreme Court ordered attachment of the group’s most ambitious housing project ever, Aamby Valley on the Mumbai-Pune Expressway estimated to be worth Rs 39,000 crore in order to pay off the remaining Rs 14,000 crore due to the investors. Sebi’s estimate of the dues however is about Rs 47,000 crore including interest till date.

That is perhaps why the apex court is not content with merely attaching the group’s prime property but has asked it to submit a list of unencumbered properties so that it could order auction of some or all of them to realise the dues estimated by the stock market regulator.

The apex court has been working to a game plan albeit unstated. Nobody knows under what law Roy was incarcerated though he is now on a rather long parole following the death of his mother last year. In fact the Congress spokesperson Abhishek Manu Singhvi questioned his incarceration on the ground that if he was guilty of contempt of court, he should be punished with whatever penalty or jail term prescribed and be done with. But then the Supreme Court seems to be convinced that Sahara is not an ordinary group. For too long, Sahara has had to live down its dubious reputation of money launderer to the nation.

The Supreme Court seems to know this and is applying the squeeze on it. It knows that a group moves its funds freely among its member companies which is why it has not called upon the two defaulting companies Sahara India Real Estate Corp and Sahara Housing Invest Corp alone to justice. Instead it has very wisely focused on the entire group. On the whole the apex court wants the group and its wily promoter to stew in its own juice.

It has brushed aside the plaintive plea of Kapil Sibal on 6 February 2017 that the income tax appellate tribunal has held that as many as 85 percent of the investors in these two defaulting companies were genuine. It seems to be more inclined towards the Sebi findings that bulk of their investors were benami or mere name lenders or fictitious. The group has never been able to prove with cogent evidence that it has paid back through banking channels the dues to the investors. Instead, it has been weakly quibbling that it works in rural India where cash is the king.

Kapil Sibal is right when he says there is no bank or investor asking for money. Yet, the Supreme Court is asking for money. Why? Because it presumably suspects Sahara group performing the ignoble role of a money launderer. The real owners would not want to surface. But would they be philosophical enough to kiss their money parked with Sahara goodbye? The SC wants to know the names of the group’s formidable clientele widely suspected sotto voce to include the rich and the famous (or the dubious?) drawn from politicians of all hues and persuasions, cricketers, film stars, indeed everyone who has something to hide.

This is the first major attempt at launching a frontal attack on benami the bane of the country much before the Modi government added teeth to the Benami properties Act last year. Full marks to the Sebi and the SC for persisting with their relentless efforts in making Roy sing like a canary which he might soon. It must be noted that Roy has not been set at large but only on parole. He hasn’t been able to mobilise the bail amount of Rs 10,000 crore demanded by the apex court in addition to the amount Sebi is seeking to pay off the so-called investors.

The NDA government demonetised Rs 500 and Rs 1,000 notes on 8 November 2016 to unearth black money mainly. That effort might or might not have succeeded. The jury is still out on it but the SC squeeze on Sahara is likely to land it a rich haul of money held benami. The government can under the Prohibition of benami properties act confiscate such properties. Looks like the government is going to savor first major success on this front thanks to the indefatigable zeal of the SC and Sebi.

They can butt in and mess everything up. You see, vision is the most dominant sense in humans, and that means that what your eyes are seeing will sometimes override what your ears Wholesale NFL Jerseys are hearing. If you want to experience this right now, check out this video:In the clip, you see (and hear) a guy saying “bah bah bah” over and over. We take all allegations of abuse against children very seriously. Reporter: In a statement, Peterson’s attorney said his client was cheap nfl jerseys disciplining his child. Saying, Adrian never intended to harm his son and deeply regrets the unintentional injury. The vikings deactivating Peterson for Sunday’s gape. ESPN reports the team could make an announcement about his future as early as today. The media plays a very big role in influencing how society views mental illness. It may be a bit of light entertainment to read her Twitter posts but there are people in our society attaching a stigma to mental illness Replica Oakleys through the trivialisation of celebrity downs Mindframe a National Media Initiative says:Puma Thankspring burberry bags outlet deep, celine black friday noisy free running peach, swarovski apricot, pear, burberry outlet online no pandora bracelets effort, burberry outlet online gradually ray ban outlet faded, coach factory outlet online and mcm bags this nfl ravens gives it abercrombie and wholesale jerseys china fitch kids a longchamp wonderful swarovski jewelry foot longchamp outlet and ugg australia praise oakley prescription the kanye west shoes land louboutin outlet tightly fake oakleys abercrombie and fitch together. Businesses Fake Oakleys can define their own target markets or rely on outside marketing firms to supply data and help make decisions. Marketing firms compile demographic data and perform surveys based on existing businesses and market trends to determine the best locations to do business or invest in marketing. A business that performs its own market research can still target particular geographic locations by collecting customer addresses to determine where more potential buyers might live or noting the locations of customers who order products online or over the phone to learn about where interest is high and identify potential locations for expansion.For India to fully tap the potential of the Internet from web based education cheap oakleys to delivery of services it would have to create the right environment, he argued. That includes changing laws governing the use of the Internet. He cited the example of India’s Intermediate Liability Act, which holds companies like Google responsible for the content put up by users.
This resulted in Notre Dame rescinding his scholarship. His destructive behaviour spurred by recklessness, arrogance and an unslakable thirst for vengeance has victimised cities, businesses, investors, partners, even members of his own family. Then you are going to put your feet back. It may seem silly to pay such an amount of money for this kind of an issue, but in this case, the special cleats allowed him to carry the ball nfl jerseys cheap 17 times for 98 yards. Typical. Human rights groups voiced outrage in September 2016 when a Brazilian court declared the trial and sentences against 74 police officers null.Carandiru, one of Latin America’s biggest prisons, which was home to some 8,000 inmates, was closed in 2002 after inmates across Brazil held protests against conditions in jails. SlashFilm did this side by side comparison:. Remember, these aren’t just people who need to get laid we’ll talk about those in a moment. In silico analysis revealed an overrepresentation of developmentally regulated pathways related to nucleosome and chromatin assembly and chromatin level regulation across all PFC proteomic studies (Figure 2). At $350 million, we’re only at the beginning stage of our long term opportunity. Have to improve in the run game, we have to improve on third down. In a squares pool, everyone throws in a buck or two, and a couple people walk away with an extra 50 bucks. The Colts gave up their lead to the Packers in week 13 as they had a streak of 3 straight weeks without a victory(2 losses and a tie). It also brings me back to the notion that, if so many people turned down Twitter after hiring people specifically to scope cheap nfl jerseys wholesale out whether it’s a worthy purchase, why did they all say no? Why should we invest in Twitter if none of them would?Facebook (NASDAQ:FB) has faced a lot of scrutiny over time. In 1961, however, Congress passed the Sports Broadcasting Act, which permits NFL teams to pool all of their television rights and sell them as a package on network television. By contrast, adults daily accessing the web via mobile devices over the same period grew from 4% to 26%.. Applying is akin to playing the lottery, with winners chosen by random selection. The Rams handed the Cardinals one of their three regular season defeats by beating them in Arizona, 24 22, in Week 4. Discount Nike Shoes O’Bannon had worked with Giger on a failed attempt at a pre David Lynch version of a Dune movie. Though most of the marsh lies within earshot of automobiles and motorboats, you will feel alone here exploring the rich, bird filled marsh. As of June 2011, the highest paid manager in Major League Baseball was New York Yankees skipper Joe Girardi. I’m starting to.

Related Articles

Back to top button