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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News Network
April 7,2020

London, Apr 7: Bowling coach Waqar Younis feels that it was the absence of pacers Wahab Riaz and Mohammad Amir which saw Pakistan getting whitewashed during Australia tour last year.

Amir and Riaz had quit the red-ball format ahead of the matches against Australia in 2019.

"Just before the Australia series, they ditched us and we had the only choice to pick youngsters.

We were the new management and decided to go on with taking in the younger lot and groom them. ESPNcricinfo quoted Younis as saying.

Pakistan was not able to win a single match in Australia as they got defeated both in T20Is and Test series.

"It's not like we have lost a lot, but yes they left us at the wrong time. But anyway, we don't have any grudge against them," Younis added.

"We cannot control players' choice on what they want to play, but then there should be a mechanism so we all are on board. "It's not like I am saying we could have won in Australia but we could have done better than what we have done," he opined.

Amir gave up the red ball format in July in order to manage his workload and extend his white-ball career for Pakistan as well as in T20 leagues around the world, while Riaz took an "indefinite break" from Test cricket in September last year.

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News Network
January 10,2020

New Delhi, Jan 10: Injured Assam archer Shivangini Gohain underwent a critical surgery at the AIIMS. Dr. Deepak Gupta, professor of Pediatric neurosurgery at AIIMS, revealed about the delicate nature of the procedure and said there was no room for error.

"It was touching vertebral artery which supplies blood to the brain stem. The arrow was 0.5 cm in front of the spinal cord and the child could have become quadriplegic if someone tried to pull it out," Gupta said.

According to doctors, the arrow accidentally went inside the body damaging the shoulder bone, part of the neck, spinal cord and left lung.

Dr Gupta said, "Now the patient is fine. We had planned the surgery in a very unique way. Last whole night, our team was doing the planning and plotting to conduct this complex surgery. About 15 cm part of the arrow was inside the body which has entered through shoulder bone and affected neck, spinal cord and left lung".

"We started the surgery in the morning at 6 am which lasted for three and a half hours. We have successfully removed the arrow. The patient is stable now and shifted to ICU for observation," he added

Shivangini Gohain, the 12-year-old Assam archer who was impaled by an arrow shot accidentally at the SAI centre in Dibrugarh, was training unsupervised and the mishap was a result of negligence by the local coach and officials, the state's archery association has said.

The child was training at the Dakha Devi Rasiwasia College at Chabua, which serves as an extension centre under the Sports Authority of India (SAI) Regional Centre in Guwahati when the incident took place on Wednesday.

She was airlifted to Delhi on Thursday night and admitted to the AIIMS Trauma Centre. Pulin Das, a joint secretary of Assam Archery Association and executive member of the state Olympic association said the injury to the school girl from the Deodhai village, which is 3km from Chabua, happened as the trainees were practising without any coach and other officials.

“There is a SAI contractual coach Marcy and he has left for the Khelo India Games in Guwahati. He didn't instruct the trainees to stop the camp for some time nor did the college principal, who acted as administrator of the extension centre, looked after the practice,” Das said on Friday.

The extension centre has 11 trainees, six boys and five girls, and they were training under SAI contractual coach A C Marcy from Nagaland, who is in Guwahati for the Khelo India Youth Games.

“The training ground itself is in very bad shape, it was not even a dedicated ground for archery training, some play football, cricket and other sports on that ground. But the worst part is that the SAI coach did not give instructions to stop the camp for a while and the archers were training without any supervision,” he added Das said Gohain was struck by an arrow shot by boys doing practice for compound event. The arrow remained stuck for more more than a day before she was airlifted to New Delhi on Thursday night.

“There was nobody to look after the archers, they were training on their own though their parents were outside the ground. An arrow shot by a boy trainee who was doing compound event practice hit her on the shoulder,” the official said.

Gohain's father Brinchi Gohain was outside the practice area and with no official of the college and SAI coming for help, she was taken to Assam Medical College in Dibrugarh, 33km from Chabua.

“She could reach the AMC in Dribugarh only on Thursday morning. There, the doctors told her parents to take her to a more reputed hospital like AIIMS in Delhi. With help from people close to the local Member of Parliament and Assam CM himself, she was taken by air ambulance to Delhi.

“I was told that she had a very tough time as the arrow remained stuck for more than a day. She is a strong-willed girl and she fought. Her father must be a daily wage labourer and he was distraught also.”

The SAI said that it will bear all the expenses of her treatment. The Assam Archery Association has contributed Rs 20,000 towards her treatment.

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Agencies
April 2,2020

Lausanne, Apr 2: The postponement of the Tokyo Olympics and the shutdown of the sporting calendar because of the coronavirus pandemic are going to hit international sports federations hard financially.

Many sports that are part of the Games depend heavily on the payouts every four years from the International Olympic Committee (IOC).

"The situation is tense and very gloomy. An assessment will be made, but clearly some posts are under threat," said an official of a major international federation.

The 28 international federations (IF) of the sports that were due to be present at the Tokyo Olympics, would have received substantial sums from the IOC.

However, the postponement of the Games until 2021 could lead to a freeze of their payment.

"We have a lot of IF with substantial reserves, but others work on a different business model, they have income from major events which are suspended, which can be a problem for the cashflow if they don't have enough reserves," said Andrew Ryan, director general of the Association of International Olympic Summer Sports Federations (ASOIF), which is responsible for distributing this money.

The five additions to the Tokyo Games programme - karate, surfing, skateboarding, climbing and baseball/softball - are not eligible.

The Olympic payout totalled 520 million after the Rio Games, four years ago.

"The Olympic money could be less than for Rio 2016," Ryan warned before adding: "My advice is to budget the same as in Rio".

The federations receive money on a sliding scale determined by their audience and size.

The three largest (athletics, swimming and gymnastics) can expect approximately 40 million.

For the second tier, made up of cycling, basketball, volleyball, football and tennis, the sum is 25 million.

For group three, which contains eight sports, including boxing, rowing, judo and table tennis, it is 17 million.

The nine sports in the next level (including sailing, canoing and fencing) receive 12 million.

For the three in the last category (rugby, golf, modern pentathlon) the payout is 7 million.

For the largest associations, such as football's FIFA which has a 1.5 billion nest egg, or basketball body FIBA which has CHF 44.4 million (42 million euros) in reserves, IOC aid represents a small proportion of their income.

For others, it is vital.

"Some IF probably don't have the cashflow to survive one year," said Ryan.

For most federations, the postponement of the Olympic Games has a domino effect, forcing them to reschedule their own money-earning competitions.

"The revenues from these events will eventually come in," said Ryan. "But this impacts the cashflow." World Athletics has already postponed the 2021 World Championships in Eugene, Oregon to 2022.

The International Swimming Federation (FINA) will have to do the same for its World Championships scheduled for next summer in Fukuoka, Japan, when they would probably clash with the Tokyo Games.

"One edition of the World Championships means for us 10 million in revenues," said one sports federation official, speaking on condition of anonymity.

"If this income is postponed, totally or partially, for a year, we will face major problems, especially if the IOC money, originally expected in September, is not paid out."

The Singapore-based International Table Tennis Federation has already taken steps, with "the Executive Committee agreeing to reduce their expenses and senior staff offering to take a salary reduction," said marketing director Matt Pound, but, he added,"further cuts will take place if needed."

- 'Significant loss of revenue' -

The ITTF has suspended all its competitions until June and that is costly.

Kim Andersen, the Danish president of London-based World Sailing, said commercial revenues are not immune.

"The IOC will eventually pay out its aid, but what weighs most heavily is the uncertainty about whether our competitions will be held and whether our sponsors will be maintained," he said.

The IOC is not prepared to go into details of what it plans.

"It is not possible at this stage to assess the overall impact" of the postponement of the Tokyo Olympics, an official told AFP.

"It depends on a number of variables that are currently being studied." According to an official of one federation: "the IOC will discuss on a case-by-case basis, sport by sport".

Another option is for the federations to ask for a share of the public aid set up to deal with the coronavirus crisis, in Switzerland, where 22 ASOIF members are based and also in the United Kingdom, home of World Sailing.

"Can sports federations benefit from federal aid? The answer is yes, in principle," Philippe Leuba, State Councillor of the canton of Vaud, in charge of the economy and sport, told.

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