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sahara india
Three years ago, Securities and Exchange Board of India (Sebi) started making enquiries into the fund raising by two Sahara group firms based on an anonymous complaints. It soon turned into a full-blown investigation which later resulted in a protracted and high profile legal battle under the direct supervision of the Supreme Court. Even after the final order by the Supreme Court on August 31, the matter did not achieve closure as Sahara continued to make new statements and appeals in lower courts.

Sahara Group chief Subrata Roy accused Sebi officials of being vengeful and even challenged him for a live TV debate. But the apex court put it all to an end by taking strong exception to the conduct of the group on Monday. Even as the group's legal brains are working on explaining why their chief and key officials should not be detained, let us look back at the eventful journey of Sebi's struggle to bring to a big business group to book:

Nov 24, 2010 | Sebi bars two Sahara cos, Subrata Roy from raising funds

Securities and Exchange Board of India (Sebi) has asked two entities of Sahara Group not to mobilise funds from equity markets or from issuance of any security to the public while restraining group supremo Subrata Roy from approaching public for raising money.

Dec 1, 2010 | HC respite to Sahara; asks Sebi to file response by Dec 4

Giving respite to the Sahara Group entities, banned by market regulator from accessing public fund, the Allahabad High Court has asked the Securities and Exchange Board of India (Sebi) not to take any "coercive" action against the company and file its response by December 4.
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