Sahara chief Subrata Roy passed away at the age of 75. Image Credit source: PTI
Sahara chief Subrata Roy died at the age of 75 at Kokila Ben Hospital in Mumbai. There was a time when Subrata Roy was famous in the country. He had influence in everything from politics to Bollywood and cricket. Subrata Roy was known as the biggest businessman of the country. A convoy of expensive and long cars used to accompany him, but a letter brought him down from his throne and after the order of the Supreme Court, he had to go to jail. Let us know who wrote that letter and what was there in it that the Sahara chief had to go to jail.
One letter had revealed the entire raw story of the alleged irregularities going on in Sahara. On January 4, 2010, a person named Roshan Lal had sent a letter written , to the National Housing Bank. Roshan Lal claimed that he lives in Indore and is a CA by profession. In the letter, he claimed that a large number of people have purchased bonds of Sahara Group companies, which have not been issued as per the prescribed rules. These bonds were issued by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation. He demanded an investigation into it.
The matter reached SEBI
National Housing Bank sent this letter to SEBI because it did not have the authority to investigate it. According to media reports, SEBI received another similar letter after a month. This letter was sent to SEBI on behalf of Professional Group for Investment Protection, an advocacy group in Ahmedabad. After that SEBI started investigating the matter.
The case reached the Supreme Court
SEBI started its investigation into the matter and on 24 November 2010 banned Sahara Group from raising money from the public in any form. This matter reached the Supreme Court. The Supreme Court issued an order to the Saraha Group to return the entire money of the investors along with 15 percent annual interest rate. The amount to be returned to investors was Rs 24,029 crore.
Subrata Roy went to jail
The Supreme Court gave its verdict in 2012 and said that Saraha’s companies did not follow SEBI rules. Sahara’s companies could not return the investors’ money and Subrata Roy had to go to jail. Sahara chief remained in jail for almost two years and was on parole since 2017. Sahara also said that it wants to return the money to the investors, but the amount is stuck with SEBI.
How much money did Saraha Group raise?
In response to a question, the government had told in Parliament that Sahara India Real Estate Corporation Limited had raised Rs 19,400.87 crore from 232.85 lakh investors and Sahara Housing Investment Corporation Limited had raised Rs 6380.50 crore from 75.14 lakh investors.
Who was Roshan Lal?
Nothing has been found about Roshan Lal yet. Sahara Group’s lawyers had also sent a letter to Roshan Lal’s address, which was returned due to lack of address. According to media reports, the writer of the letter is not Roshan Lal, it could be the work of some corporate.