Subrata Roy's Sahara Group: Troubled timeline

New Delhi | Updated: Feb 28 2014, 21:49pm hrs
Subroto RoySubroto Roy arrest
Sahara chief Subrata Roy was arrested on Friday after the Supreme Court turned down his plea for house arrest as his mother is ill. The apex court had issued a non-bailable warrant against Subrata Roy on February 26 and asked the police to arrest him and present before the court on March 4. Here's the timeline of Subrata Roy-led Sahara Group's troubles in connections with the payment of Rs 24,000 crore to investors:

* Nov 2010: Sebi restrains Sahara India Real Estate Corp and Sahara Housing Investment Corp from raising funds through optionally fully convertible debentures (OFCDs)

* Dec 2010: Sahara moves Allahabad HC; obtains stay on Sebi order

* Jan 2011: Sebi files petition in SC, which directs Sahara to give details of OFCD investors

* April 2011: Allahabad HC vacates stay; Sahara moves Supreme Court

* June 2011: Sebi directs the two Sahara companies to refund around Rs 24,000 cr to investors

* Oct 2011: SAT upholds Sebi order against Sahara entities

* Nov 2011: Sahara challenges SAT order at SC

* Aug 2012: SC upholds SAT order; Sahara ordered to refund Rs 24,000 cr to nearly 30 mn investors through Sebi

* Dec 2012: SC directs Sahara to give DD of Rs 5,120 cr to Sebi with balance in two installments -- Rs 10,000 cr by first week of Jan 2013 and remaining by first week of Feb 2013

* Feb 2013: Sebi orders banks to freeze accounts of two Sahara entities, their promoters & directors

* March 2013: SAT refuses interim relief against freezing of bank accounts; Sebi files plea in SC for detention of Roy along with two other directors

* April 2013: SC pulls up Sahara Group & Roy for not responding to contempt plea filed against them by Sebi

* July 2013: Sebi files fresh plea in Magistrate Court for issuing personal summons to Roy and three directors

* Oct 2013: SC says Roy cannot leave country without its permission if Sahara does not submit original property title deeds to SEBI within three weeks

* Feb 2014: SC issues non-bailable warrant against Roy for failing to appear in person