Supreme Court restrains Sahara chief from leaving country

October 29, 2013

Supreme_CourtNew Delhi, Oct 29: Holding that it was playing "hide and seek" and cannot be trusted any more, the Supreme Court on Monday directed the Sahara group to hand over title deeds of its properties worth Rs 20,000 crore to SEBI and restrained its chief Subrata Roy from leaving the country without its permission.

Making it clear that there is no "escape" from depositing the investors' money with the market regulator, the apex court also asked the group to give valuation reports of the properties to SEBI which will verify worth of assets.

"Till the above direction (to hand over title deeds to SEBI) is complied with to the satisfaction of SEBI, the alleged contemnors (Roy and other directors) shall not leave the country without the permission of this court," the bench of justices K S Radhakrishnan and J S Khehar said.

Roy's counsel had, earlier, pleaded that his reputation and business will be hit.

"You have driven everybody round. From day one restraint was ours," the bench replied when Roy's counsel C A Sundaram pleaded that his behaviour has never caused any suspicion.

"You indulge too much in hide and seek. We cannot trust you any more," the bench said adding "There is no escape for you and the money has to come."

The bench, however, assured the Sahara that its interests will be protected if investors money is paid.

"Rest assured that we will protect you if you give the money," it said and posted the case for hearing on November 20 when it would consider passing further orders on what to be done to the property, whose title deeds will be handed over to SEBI.

At the outset, Sundaram submitted that it is not possible to pay Rs 20,000 in cash and the company would liquidate if it is directed to pay cash.

"I am finished if I have to pay Rs 19,000 crore cash. My company would liquidate. I am over as company if I have to pay the case," he said adding that banks are also not willing to grant loan as they do not consider it safe.

He gave details of properties including Ambey Valley and said that title deeds of various assets would run in thousands of pages as 30,000 title deeds are there.

SEBI, however, expressed reservation over taking title deeds and said that the group itself should sell the properties and hand over the cash to it.

But the bench asked SEBI to go through the title deeds and valuation records of the properties to be handed over to it by Sahara.

"Examine the title deeds and find out its worth. You can also examine how safe it is," the bench told SEBI's counsel Arvind Datar, who submitted that proceedings for evaluation of property would give rise to may other issues and would amount to going into a "mine field".

"Everything will be done. You are underestimating the Supreme Court," the bench told Datar.

The court was hearing three contempt petitions filed by SEBI against Roy, the two firms--Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC)--and their directors.

It had on August 31 last year directed the Sahara group to refund Rs.24,000 crore by November end. The deadline was further extended and the companies were directed to deposit Rs 5,120 crore immediately and Rs 10,000 crore in first week of January and the remaining amount in first week of February.

The group, which had handed over the draft of Rs 5,120 crore on December 5, has failed to pay the rest of the amount.

It had directed the two companies to refund the money to their investors within three months with 15 per cent interest per annum. It had also said SEBI can attach the properties and freeze the bank accounts of the companies if they fail to refund the amount.

The two companies, their promoter Roy and directors Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary were told to refund the collected money to the regulator.

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January 31,2020

Wellington, Jan 31: A nervous New Zealand threw it away yet again as a perseverant India prevailed in the Super Over for the second successive time to take a 4-0 lead in the T20 International series on Friday.

Needing just 11 runs off the last two overs with seven wickets in hand, New Zealand dug a hole for themselves yet again, taking the game to a Super Over two nights after doing the same in Hamilton.

New Zealand managed 13 runs in six balls and India got there effortlessly.

KL Rahul smashed 10 runs off the first two balls before he was caught. Then, a fired-up Virat Kohli and Sanju Samson finished the game in style.

Earlier, Manish Pandey proved his value to the team with an unbeaten 50 off 35 balls, taking India to 165 for eight from 88 for six in the 12th over.

India's total wasn't enough considering the batting-friendly conditions but the hosts made life a lot tougher for themselves from a commanding position before succumbing to pressure.

The entertaining knocks from Colin Munro (64 off 47) and Time Seifert went in vain (57 off 39).

Mohammed Shami, who was rested on Friday, had bowled a brilliant 20th over on Wednesday and man of the match Shardul Thakur was up to the task this time, conceding just six runs when the opposition needed seven for victory.

With the series already in the bag, India gave opportunity to Sanju Samson, Washington Sundar and Navdeep Saini for the first time in the five-match series, resting Rohit Sharma, Ravindra Jadeja and Shami. However, none of them was able to make an impact in the game.

Chasing 165, New Zealand lost Martin Guptill early. But Munro and Seifert put on 74 runs for the second wicket to put themselves on track.

Munro scored a half-century of 38 deliveries, inclusive of six fours and three sixes. He was out against the run of play as Kohli's direct hit surprisingly found the target after a relay throw from the deep.

It was the turning point as New Zealand lost regular wickets. Yuzvendra Chahal bowled Tom Bruce (0), but Seifert found a partner in Ross Taylor as they pushed the score past 150 in the 18th over.

Seifert scored a half-century off 32 balls, including four fours and three sixes. But the great choke was yet to come again. Needing 18 off 18, the Black Caps lost four wickets in the last over bowled by Thakur.

Taylor holed out of the first ball, while Seifert was run out two balls later. Daryl Mitchell (4) was caught next and Mitchell Santner (2) couldn't steal two runs off the last ball as the sides engaged in a tie-breaker for the second game running.

This was after New Zealand won a fourth consecutive toss and opted to field. Kane Williamson didn't take part in the match owing to a shoulder niggle.

Tim Southee was the stand-in skipper, with the Black Caps making two changes.

Put in to bat, the visitors were struggling at 88-6 at one stage before Pandey's lonesome rescue act took them to a respectable total. KL Rahul contributed 39 runs off 26 balls, inclusive of three sixes and two fours.

Leg spinner Ish Sodhi got into the act and ran through India's batting order. First to go was Shreyas Iyer (1) and then Shivam Dube (12) was caught at mid-wicket.

Sodhi finished with 3-26 while Santner dismissed Sundar for nought as the New Zealand spinners rounded up a good outing with 4-54 in eight overs.

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January 27,2020

Hamilton, Jan 27: In awe of Jasprit Bumrah, New Zealand wicketkeeper Tim Seifert says the Indian speedster's subtle variations have been difficult to pick in the ongoing T20 series and his side needs to a learn a thing or two about adapting from the visitors.

India beat New Zealand by seven wickets in the second T20 International in Auckland on Sunday to grab a 2-0 lead in the five-match series.

Bumrah returned with figures of 1-21 from his four overs as Indian skipper Virat Kohli changed his bowling plans from the first game.

"Even in the first game, Bumrah bowled slower balls that were going wider. Normally, death bowlers get into straighter lines, plus yorkers and mix it with chest height. He kind of changes things a lot and is tougher to play," Seifert said.

"...the ball was holding a lot more which made it tougher. So sometimes as a batsman you have to move away from the stumps and see if they bowl straight. I was backing myself to do something different instead of just standing there at the wicket," said the stumper, who remained unbeaten on 33 off 26 balls.

"It was tricky and the ball was holding a little bit. When Kane (Williamson) got out in the over against Yuzvendra Chahal, we knew it was the over to push because they had Bumrah coming back," he added.

He said New Zealand batsmen need to take a cue from their Indian counterparts on how to adapt to different conditions quickly.

"...Indian batsmen showed how to get under the ball and time it. They showed it a couple of times that and on the slower wickets you just have to keep it like that. Once you lose your shape, you are not in position," he said.

"Try to get them (bowlers) off line or off balance, try to get into that position to hit good balls. That's T20 cricket as well. Sometimes it's going 100 per cent but some times you have to take a breath and re-assess. Indian batters did that well."

Seifert believes New Zealand bowlers did reasonably well in the two games but they have been outplayed by the Indian batsmen.

"To be honest, in the first game they were 110-1 and they had wickets in hand. We didn't bowl too badly in that first game. In the second game, we only got 130 and it is tough to bowl at Eden Park (with that total)," he said.

"170 was the target in mind but once you get 130 on the board, that was going to be very hard at Eden Park against a team that is very strong and playing really well. But our spinners were outstanding. Good balls have gone to boundary.

He said coming into the T20 series on the back of a lost Test rubber in Australia also didn't help New Zealand's cause in the first two games.

"Boys are coming off a Test series (in Australia) and a lot of them haven't played T20 cricket for a while," he said.

"But for some like me, I have had the Super Smash for the last two months, so I have played a lot of T20 cricket. They have two games under their belt now so hopefully they will have a better understanding."

Asked if New Zealand would want to play on India's strength of chasing, Seifert replied, "Even in ODI cricket, India have chased down big totals but I think on that wicket it was going to get slower and slower.

"But with that small target on Eden Park, something special has to happen with top six (for a collapse). One batsman got fifty and the other was batting very well. We needed top five-six in the first 10 overs," he said.

The Black Caps are still confident of bouncing back in the series.

The third T20 will be played here on Wednesday before back-to-back matches in Wellington and Mt Maunganui. Seifert said they would like to replicate the 2019 tour of India, where New Zealand came out 2-1 victorious in the three-match series.

"We have lost the first two games but we haven't played badly. We definitely haven't played our best though while India has played very well. If we lose the series on Wednesday, it is not the end of the world. But if we can turn things around, and win, we will take things from there," he said.

"We won the series 2-1 last time, so we have to treat it like a three match series again. But we have to treat it like the first two are must-win games."

"We are not playing our best at the moment. There are 20-odd games before the World Cup, and that tournament is the pinnacle, so we will get there (in preparation),” he signed off.

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May 21,2020

Mumbai, May 21: Former India opener Gautam Gambhir has chosen legendary Sachin Tendulkar over current skipper Virat Kohli as a better batsman in the ODI format, considering the changed rules of the game and the Mumbaikar's longevity of career.

Tendulkar, who retired in 2013, played 463 ODIs and amassed 18, 426 runs with 49 hundreds at an average of 44.83.

Kohli, on the other hand, has played 248 ODIs and scored 11, 867 runs with 43 tons at an average of 59.33.

"Sachin Tendulkar, because probably with one white ball and four fielders inside the circle, not five fielders outside, it will be Sachin Tendulkar for me," Gambhir said on Star Sports show 'Cricket Connected'.

Nowadays, a one-day innings is played with two white balls and with three powerplays.

In the first power play (overs 1-10), two fielders are allowed beyond the 30-yard circle, while in the second powerplay (overs 10-40) four fielders are allowed. In the last powerplay (overs 40-50), five fielders are allowed outside the 30-yard circle.

Gambhir, who was the star performer in 2011 ODI World Cup final which India won, feels that the change in rules has helped batsmen.

"It's difficult because Virat Kohli has done phenomenally well but I think the rules have changed as well, which has helped a lot of new batters," elaborated Gambhir, who played 58 Tests and 147 ODIs.

"The new generation, with 2 new balls, no reverse swing, nothing for the finger spin, five fielders inside for the 50 overs, probably that makes batting much easier.

He said he would also go with Tendulkar, considering his longevity and flow of the ODI cricket format at that time.

"Probably I’ll go with Sachin Tendulkar if we see the longevity and flow of the one-day cricket format.

"Look at how Sachin Tendulkar has played, different rules, that time 230 to 240, was a winning total," Gambhir signed off. 

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