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
