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When Roy’s Sahara walked on the wrong side of the law, and lost

Livemint

Livemint · 1y ago

When Roy’s Sahara walked on the wrong side of the law, and lost

The article discusses the litigation surrounding the Sahara group and the ₹25,000 crore that is currently with the capital markets regulator for distribution to investors. It mentions the orders given by Sebi in 2011 to two Sahara group firms to refund money raised from investors, and the subsequent Supreme Court ruling upholding Sebi's directions. The article also highlights the probe into investments by cooperatives linked to Sahara group and the refund process initiated by the cooperation ministry.

Related News

NCLT admits Sahara group subsidiary into insolvency

Livemint

Livemint · 1y ago

NCLT admits Sahara group subsidiary into insolvency

The National Company Law Tribunal has initiated insolvency proceedings against Sahara Q Shop Unique Products Range, a subsidiary of Sahara Group. The tribunal found that the company had defaulted on its dues to Sigma Supply Chain Solution and that its dispute against the creditor was merely a tactic to avoid payment. Udaykumar Bhaskar Bhat has been appointed as the interim resolution professional to oversee the company's operations. Sigma Supply Chain had filed a section 9 application under the Insolvency and Bankruptcy Code, claiming that Sahara Q Shop owed it ₹4.75 crore.

Byju Raveendran, his family won't attend 'invalid' EGM: BYJU'S

Inshorts · 1y ago

Byju Raveendran, his family won't attend 'invalid' EGM: BYJU'S

BYJU'S said CEO Byju Raveendran, his wife Divya Gokulnath and brother Riju, who form the startup's board, won't attend the extraordinary general meeting on Friday. "This EGM is procedurally invalid...[and] legally on the wrong side of...Companies Act," BYJU'S stated. "This means the EGM...won't have the required quorum and cannot proceed to discuss or vote on the agenda," it added.

Sahara Labs AI Raises $49 Million Backed by YZI Labs, Polychain, DAO5 for Decentralized Data Annotation Platform | DeepNewz VC

deepnewz

deepnewz · 2m ago

Sahara Labs AI Raises $49 Million Backed by YZI Labs, Polychain, DAO5 for Decentralized Data Annotation Platform | DeepNewz VC

Sahara Labs AI, a decentralized project, focuses on data labeling for AI and crypto projects, catering to both Web3 and Web2 enterprises. Recently, it raised $49 million with backing from Yzi Labs, Polychain, and DAO5. The funding will enhance its capabilities in offering decentralized data labeling solutions, meeting the demands of AI projects across various sectors. Sahara Labs aims to bridge the gap between traditional and blockchain-based AI initiatives.

A new California law regulating online content moderation will force X to reveal how it reviews hate speech

Business Insider

Business Insider · 1y ago

A new California law regulating online content moderation will force X to reveal how it reviews hate speech

Elon Musk's social media platform, X, has lost its bid to prevent a new California law on online content moderation from taking effect. The law requires social media companies with over $100 million in annual revenue to publicly disclose their terms of service and provide reports on actions taken to moderate hate speech, extremism, disinformation, and more. X filed a lawsuit arguing that the law violated its freedom of speech, but a federal judge ruled against them, stating that the reporting requirement is justified within the context of First Amendment law.

Sahara Group founder Subrata Roy dies after prolonged illness

Livemint

Livemint · 1y ago

Sahara Group founder Subrata Roy dies after prolonged illness

Sahara Group founder, Subrata Roy, passed away at the age of 75 due to cardiorespiratory arrest in Mumbai. He was the Managing Worker and Chairman of Sahara India Pariwar. Roy had been undergoing treatment at Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute. His death was a result of complications arising from metastatic malignancy, hypertension, and diabetes.

'With TLRegTech, firms find easier to stay on right side of law': Rishi Agrawal

Livemint

Livemint · 2y ago

'With TLRegTech, firms find easier to stay on right side of law': Rishi Agrawal

The recent policy changes and diverse compliance needs have become a concern among corporate India, and TeamLease RegTech CEO Rishi Agrawal opens up with LiveMint on how his firm is helping businesses in the country to stay on right side of law.

Paytm focusing on consumer payments business: CEO

Economic Times

Economic Times · 10m ago

Paytm focusing on consumer payments business: CEO

- Paytm's immediate priority is to invest in its consumer payments business to recover its lost user base due to regulatory actions by the RBI. - The RBI had restricted Paytm Payments Bank from accepting deposits or facilitating credit transactions, which affected its user base. - Paytm sold its ticketing business to Zomato to focus on core operations like payments and financial services distribution. - The company aims to reinvest in the consumer payments business area and regain its lost consumer base. - Paytm has seen a decline in monthly transactional users but has experienced incremental growth on the merchant side. - Paytm is adopting the Third-Party Application Provider (TPAP) business model to offer digital payments services through various platforms or applications.

iPhone survives 16,000-foot drop from Alaska Airlines plane that blew apart mid-air

Gizmodo

Gizmodo · 1y ago

iPhone survives 16,000-foot drop from Alaska Airlines plane that blew apart mid-air

An iPhone miraculously survived a fall of 16,000 feet after being sucked out of an Alaska Airlines flight that suffered a fuselage rupture. The incident occurred during a flight from Portland to California, and although no one was seriously injured, several items were lost. A local resident stumbled upon the undamaged iPhone on the side of the road and discovered a travel confirmation and baggage claim for the flight on the device, confirming its origin. The remarkable survival of the iPhone has sparked curiosity about the protective case it was using.

AI-generated Asians were briefly unavailable on Instagram

The Verge

The Verge · 1y ago

AI-generated Asians were briefly unavailable on Instagram

Meta's AI image generator was previously making everyone Asian, even when the text prompt specified another race. However, when the writer retested the system, they were unable to generate any accurate images of Asian people using prompts like "Asian man and Caucasian friend." Instead, an error message appeared, indicating that something had gone wrong. The writer reached out to Meta for clarification but received no response. Later on, the system started generating images again, but the racial accuracy remained an issue. It remains unclear if Meta is working to fix the problem.

Musk's Starship explodes in space in 7th flight test, video shows its remnants in sky

Inshorts · 7m ago

Musk's Starship explodes in space in 7th flight test, video shows its remnants in sky

The world's heaviest and largest rocket Starship, built by Elon Musk's SpaceX, exploded in its seventh flight test on Friday. A video showed the rocket flying in space when it suddenly exploded and its remnants flew across the sky near Turks and Caicos Islands. SpaceX lost telemetry after 8.5 minutes of flight, prior to completion of Starship's ascent burn.

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