Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

When asked about refunds being so less, SEBI Chairperson said that the money returned through a Supreme Court-appointed committee was basis the evidence of the claims made by investors

Sahara matter will continue even after Roy's death: SEBI Chief Madhabi Puri Buch

<h2>When asked about refunds being so less, SEBI Chairperson said that the money returned through a Supreme Court-appointed committee was basis the evidence of the claims made by investors</h2>

SEBI chairperson Madhabi Puri Buch said that Sahara matter will continue for the capital markets regulator even after the death of the group's founder Subrata Roy, as it is regarding the conduct of an entity.
<h3>Sahara Deposit Scam</h3>
Buch when asked why the refunds have been less, said the money returned through a Supreme Court-appointed committee was basis the evidence of the claims made by investors. It has been reported that refunds of only Rs 138 crore have been made to investors even though Sahara group was asked to deposit over Rs 25,000 crore with SEBI for further refund to investors.
Also Read: <a href="https://www.editorji.com/business-news/end-of-a-saga-the-riches-and-rags-of-sahara-group-s-saharasri-subrata-roy-1700056666596">A tale of many twists: The rags to riches to downfall story of Sahara Group's Subrata Roy</a>
<h3>Subrata Roy's Death</h3>
Sahara Group chief Subrata Roy died due to a cardiorespiratory arrest at a private hospital in Mumbai on Tuesday after a prolonged illness. Subrata Roy faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied.
In 2011, a financial scandal involving the Sahara Group Surfaced when discrepancies in housing bonds issued by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation were brought to light by Chartered accountant Roshan Lal. These companies had raised substantial funds without proper accountability.
Subrata Roy was also imprisoned after the investigation by SEBI

The death of Sahara's chief Subrata Roy has now brought the undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account under focus

A tale of many twists: The rags to riches to downfall story of Sahara Group's Subrata Roy

<h2>The death of Sahara's chief Subrata Roy has now brought the undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account under focus</h2>

Sahara Group's Chief Subrata Roy after a prolonged illness, took his last breath on Tuesday night in Mumbai. The 75-year-old business man died of a cardiorespiratory arrest.
"It is with profound sadness that Sahara India Pariwar informs the demise of our Hon'ble 'Saharasri' Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar," the group statement read. The statement went on to call him an inspirational leader and a visionary.
During his life journey from rags to riches, Roy was faced with multiple regulatory and legal battles. Once a successful conglomerate minting profits, the Sahara group was reduced to ashes, once the scams became too hard to hide. The death of Subrata Roy has also brought the undistributed funds &nbsp;totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account under focus.
This is the Saharasri's story of rags to riches and his inevitable downfall.
<h3>Subrata Roy's Early life</h3>
Subrata Roy was born in Bihar's Araria on June 10, 1948 to a Bengali family. As the eldest son of his family, Roy completed his diploma. Immediately after graduating, he was forced to take up a job due to the sudden demise of his father Sudhir Chandra.
His entreprenurial journey started with a Lambretta scooter, where he would sell salted snacks under the venture called "Jaya Products". The venture, however, failed. He also took up another venture with his wife, Swapna Roy, but it, too, met the same fate.
Also Read: <a href="https://www.editorji.com/business-news/crcs-sahara-refund-portal-online-link-not-working-hours-after-union-minister-amit-shah-launched-portal-1689677770450">CRCS-Sahara Refund Portal: Online link not working, hours after Union Minister Amit Shah launched portal</a>
Finally in 1978, he established the Sahara Group in Gorakhpur. The group allowed small investors like rickshaw pullers and tea stall owners to invest money and receive assured income in return. This was operated by the group's flagship firm Sahara India Financial. The company employed millions as agents who would sell these schemes to Indians who did not have access to the formal banking system in the country.
Over the next three decades, the group diversified into different sectors, including real estate, media, and aviation, until it all fell apart in the late 2000s.
<h3>Sahara India Group</h3>
Sahara group grew tremendously, touching base in almost all the sectors. It even owned an extensive media network. Sahara One Media and Entertainment operated three Hindi-language channels. Its production house Sahara Movie Studios co-produced several big hits including Wanted, Sarkar, and Page 3. The group also owned newspapers and magazines in Hindi, English and Urdu.
Apart from this the group also owned Air Sahara - a full-scaled commercial airline that was sold to Jet Airways in 2006 for $500 million. In the hospitality segment the group acquired New York's Plaza Hotel and London's Grosvenor House Hotel.
The company grew fast and even sponsored the Indian cricket team until 2013. In what was the highest bid in the history if Indian Premier League, it bought the Pune franchise for $370 million in 2010 before pulling out of it in 2018. Apart from Cricket the group had also sponsored the Indian hockey team and owned a stake in Vijay Mallya's Formula One Racing team.
<h3>Subrata Roy's Life of Luxury</h3>
The vast riches Subrata Roy earned were evident in the flamboyant life he led. Often seen in his iconic waistcoat and tie, Roy had movie stars, politicians and businessmen as friends. His 270-acre gated residence, "Sahar Seher" in Lucknow, hosted many events and was graced by politicians, corporate personalities, and other celebrities
The wedding of his two sons Sushanto and Seemanto was the talk of the town in 2004. The double wedding that was considered to be one of the most expensive weddings in India had a Rs 550 crore budget. Subrata Roy invited over 11,000 guests for the wedding, which was held in Lucknow. The Sahara Group chief even hired private jets to fly in guests from around the world for the wedding which was spread over four days.
<h3>Sahara Deposit Scam</h3>
However, the tremendous success of Subrata Roy did not last long. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied.
In 2011, a financial scandal involving the Sahara Group Surfaced when discrepancies in housing bonds issued by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation were brought to light by Chartered accountant Roshan Lal. These companies had raised substantial funds without proper accountability.
The National Housing Bank then referred the complaint to SEBI for investigation. However, Roy contested SEBI's jurisdiction asserting that the company had submitted its prospectus to the Registrar of Companies before issuing the bonds. But the investigation went on and SEBI instructed the Sahara Companies to cease the disputed bond sale and reimburse the investors. Roy was given three-month deadline along with a 15% interest rate to deposit the funds with SEBI.
After making the first installment of Rs 5,120 crore, Subrata Roy refused to make the remaining two installments. He claimed that the investors had already been compensated. In 2014, Roy was arrested for failing to settle the outstanding amount of Rs 10,000 crore. The Court mentioned that he will be released upon bringing Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee. He was given parole in 2016 after being behind the bar for 2 years. The Supreme Court, concerned about his property status had asked him to return to Jail.&nbsp;
The Income Tax department also seized many of the properties on the auction list. In November 2020, SEBI urged the Supreme Court to revoke Roy's parole if he failed to settle the outstanding amount of Rs 62,600 crore.
Meanwhile, in August this year, the centre started the process to refund ₹ 5,000 crore to 10 crore depositors whose funds are struck in four cooperative societies of Sahara Group. Union Minister Amit Shah launched the 'CRCS-Sahara Refund Portal' in July to facilitate the return of the money to investors. Around 18 lakh depositors have been registered on the portal. In March, the government announced that the money would be returned to 10 crore investors of the four cooperative societies within 9 months.
<h3>Acts of Philanthropy&nbsp;</h3>
He was developing 10,600 acres of Aamby Valley luxury township in Maharashtra. It is alleged that the money raised by Sahara Prime City from public and other investors was used in the construction. It also had Sahara City and Sahatra Grace townships across several cities in the country.
Despite these controversies, he had also contributed largely to the society. His NGO, Sahara Welfare Foundation, had adopted the Bhimsar Chakasar village in Gujarat after the earth quake and constructed 839 houses. He has also shown unwavering support for the families of Kargil war martyrs by providing economic, emotional and educational support. The NGO has also given various scholarships to students and health care benefits to marginalised communities, according to Sahara India Pariwar's website.

Sahara Group's Subrata Roy, aged 75, passed away in Mumbai's Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute due to cardiorespiratory arrest after battling a prolonged illness

Subrata Roy, Sahara Group Chief, Passes Away at 75 in Mumbai

<h2>Sahara Group's Subrata Roy, aged 75, passed away in Mumbai's Kokilaben Dhirubhai Ambani Hospital &amp; Medical Research Institute due to cardiorespiratory arrest after battling a prolonged illness</h2>

Sahara Group chief Subrata Roy died due to a cardiorespiratory arrest at a private hospital in Mumbai on Tuesday after a prolonged illness, according to a company statement. He was 75.
Having created a huge business empire across retail, real estate and financial services sectors, Roy was at the centre of a huge controversy and faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied.
According to the company statement, he was admitted to the Kokilaben Dhirubhai Ambani Hospital &amp; Medical Research Institute in Mumbai on Sunday after his health deteriorated.
He passed away at the hospital at 10.30 pm on Tuesday due to a cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension and diabetes, it added.
"It is with profound sadness that Sahara India Pariwar informs the demise of our Hon'ble 'Saharasri' Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar," the group said in the statement.
Calling him an "inspirational leader and visionary", the statement said, "His loss will be deeply felt by the entire Sahara India Pariwar. Saharasri ji was a guiding force, a mentor, and a source of inspiration for all who had the privilege to work alongside him." Sahara India Pariwar is committed to upholding Roy's legacy and will continue to honour his vision in driving the organisation, it added.
In his prime, Roy had made the Sahara Group a multi-billion dollar enterprise that counted itself among the biggest employers of the country.
He was also known to have friends among the famous and powerful across the fields of politics and Bollywood.
Having scripted one of the most famous rags-to-riches stories of the country, Roy went on to expand his business across various sectors ranging from finance, housing, manufacturing, aviation and the media and became a household name.
His enterprise went on to own landmark global properties, including New York's Plaza Hotel and London's iconic Grosvenor House.
Under his leadership, Sahara also sponsored the Indian cricket and hockey teams and owned a Formula One racing team.
His troubles began in November 2010 when stock market regulator Sebi asked two entities of Sahara Group not to mobilise funds from equity markets or from issuance of any security to the public while restraining Roy from approaching the public to raise money.
Roy was arrested in 2014 on the orders of the Supreme Court after he failed to appear before it in a contempt case arising out of non-refund of more than Rs 20,000 crore to investors by two of his companies.
He was later granted bail but troubles continued for his various businesses.
Two Sahara Group companies -- Sahara India Real Estate Corporation (SIRECA) and Sahara Housing Investment Corporation -- raised funds in 2007-08 through a debenture instrument OFCD.
Later in June 2011, the regulator asked the two group entities to refund money collected from investors through Optionally Fully Convertible Debentures (OFCD) along with the return.
After a long process of appeals and cross-appeals, the Supreme Court had ordered in 2012 refund of deposits of its investors along with 15 per cent interest.
Sahara was eventually asked to deposit an estimated Rs 24,000 crore with Sebi for further refund to investors, though the group always maintained it amounted to "double payment" as it had already refunded more than 95 per cent of investors directly.
Once asked for proof of repayment, Roy famously sent across 100 truckloads of documents to Sebi, triggering a unique warehousing crisis for the regulator.
In another incident, a man from Gwalior threw ink on Roy's face and called him a thief when he was brought to the Supreme Court in his trademark waistcoat and tie amid chaotic scenes.
The Sahara Group had earlier said it has always built its businesses by productively channelizing human capital spread across India and giving employment and work at people's doorstep.
"In this way, Sahara is providing bread and butter to more than 14 lakh people in their own villages and towns. It is the country's second-largest human capital after Indian Railways. This amount could have been used by the organisation to generate more employment and work and helped the country and therefore its economy," it had said in an earlier statement. Also Watch: <a href="https://www.editorji.com/business-news/doyen-of-indian-hospitality-prs-oberoi-passes-away-1699942050998">Doyen of Indian hospitality PRS Oberoi passes away</a>

Union Minister Amit Shah has assured that the government will approach the court to release more money for additional refund once the Rs 5,000 crore is utilised

CRCS-Sahara Refund Portal: Online link not working, hours after Union Minister Amit Shah launched portal

Union Minister Amit Shah has assured that the government will approach the court to release more money for additional refund once the Rs 5,000 crore is utilised

Cooperation Minister Amit Shah launched the CRCS-Sahara Refund Portal on Tuesday. The aim of this portal is to help the depositors get back their money that is stuck in 4 cooperative societies of Sahara Group. The deposits have been stuck due to the prolonged legal battle of the Sahara Group. This portal is meant to assist over 10 crores depositors in getting back their money.&nbsp;&nbsp; However, several of the depositors took to social media and claimed that the link to the online portal and the website of Ministry of Cooperation were not working.&nbsp;
At the time of writing this article, the issue was still not fixed.&nbsp;
During the portal's launch, Union Minister Amit Shah called it an historic moment and said that this is the first time when depositors are getting refunds in a case where multiple government agencies are involved and each one has made a seizure. He also mentioned that the depositors will receive the refund in 45 days after registering on the portal.
The four cooperative societies where depositers' money has been stuck, include, Sahara Credit Cooperative Society, Saharayan Universal Multipurpose Society, Humara India Credit Cooperative Society and Stars Multipurpose Cooperative Society.
The refund directive follows a Supreme Court order on March 29, instructing the transfer of Rs 5,000 crore from the Sahara-SEBI refund account to the Central Registrar of Cooperative Societies (CRCS).&nbsp;
Amit Shah has said that the depositors would get up to Rs 10,000 refund and subsequently the amount would be enhanced for those who have invested higher amounts. However, some depositors feel that the refund limit of Rs 10,000 is too less.&nbsp;
&ldquo;I have over Rs 8 lakh stuck in Sahara India. The Rs 10,000 limit is too less as my money has been stuck for several years. The Government has also not announced anything about the interest component as not only my investment but the interest promised on my deposits are also stuck,&rdquo; a Sahara Group depositor in Bihar told Financial Express.
The corpus of Rs 5,000 crore is meant to help repay about 1.7 crore depositors in the first phase. Meanwhile, Amit Shah has also assured that once the Rs 5,000 crore is utilised the government would approach the court for release of more money for additional refunds.
"Once the Rs 5,000 crore is utilised, we will approach the Supreme Court and request them to release more money so that the total refund of other depositors with higher amounts are processed," Shah said.
To register on the portal, depositers will need to have their Aadhaar registered with their mobile number and also linked to their bank account.&nbsp;
&nbsp;
&nbsp;

sahara group

Categories