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Sahara India Group Condemns “Scam 2010 – The Subrata Roy Saga,” Considers Legal Action

Sahara India Pariwar labels the upcoming series “Scam 2010 – The Subrata Roy Saga,” as defamatory and unauthorized, highlighting ongoing legal disputes and potential contempt of court issues.

Sahara Group has issued a strong condemnation of the upcoming series “Scam 2010 – The Subrata Roy Saga,” calling it “abusive and grossly condemnable” and indicating that they are considering legal action against its creators. The group asserts that this portrayal is aimed at garnering “cheap and wide publicity” and is not authorized. Sahara India has stated that they are consulting legal experts to determine appropriate actions against the producer, director, and others involved in the production.

The series, announced by filmmaker Hansal Mehta, is the third part of Sony LIV’s popular “Scam” series, following “Scam 1992: The Harshad Mehta Story” and “Scam 2003: The Telgi Story.” The new installment is described as a “dust-to-diamonds story of maverick businessman Subrata Roy.”

Sahara has also highlighted that the ongoing legal dispute between SEBI (Securities and Exchange Board of India) and Sahara is currently before the Supreme Court of India. They claim that any depiction that could influence these proceedings could be considered contempt of court and potentially criminal.

Sahara India Pariwar has asserted that it has never been involved in any chit fund activities, clarifying that the Sahara-SEBI issue revolved around SEBI’s jurisdiction over certain bonds issued by the group. The upcoming series “Scam 2010 – The Subrata Roy Saga,” based on the book “Sahara: The Untold Story” by Tamal Bandyopadhyay, is produced by Applause Entertainment in association with Studio Next and directed by Hansal Mehta.

According to the creators, “Scam 2010” will explore one of India’s most infamous financial scandals. They note that in the early 2000s, Subrata Roy faced accusations of chit-fund manipulations and fake investors, leading to his arrest in 2014. They also mention that approximately Rs 25,000 crore remains unclaimed with government authorities, highlighting the ongoing impact of the scandal.

Sahara India Pariwar has strongly opposed the series, arguing that no one should be allowed to undermine the reputation of a person who cannot defend themselves under the guise of free speech. They claim that using the term “scam” in the title is defamatory and damages the image of Subrata Roy and the Sahara India Pariwar.

Subrata Roy, who passed away in November 2023 at the age of 75 after a prolonged illness, faced numerous regulatory and legal challenges related to allegations of Ponzi schemes, which his group consistently denied. In 2011, SEBI ordered two Sahara Group firms—Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL)—to refund money raised from nearly 3 crore investors through Optionally Fully Convertible Bonds (OFCDs), ruling that the funds were raised in violation of regulations.

After a lengthy legal battle, the Supreme Court upheld SEBI’s directive on August 31, 2012, instructing the firms to refund the money with 15 percent interest. Sahara was ultimately required to deposit approximately Rs 24,000 crore with SEBI for investor refunds, though the group maintains that it had already directly refunded over 95 percent of investors.

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