canada goose KHALILABAD, India, Sept 26 (Reuters) Like millions of Indians, Jag Ram Chaudhary invested with the Sahara conglomerate 1,300 rupees ($24) a month in his case to put away money for a rainy day.
cheap Canada Goose wife had an accident some years back. I don have much savings, so I thought Canada Goose Parka I be able to save some money by putting in a small amount every month, said Chaudhary, an office helper at a construction company in canada goose factory sale Uttar Pradesh buy canada goose jacket state.
canada goose clearance On Aug. 31, India Supreme Court ruled that canada goose uk black friday finance schemes run by two cheap canada goose uk Sahara companies were illegal and ordered it to repay as much as $4.5 Canada Goose Outlet billion to up to almost 30 million mostly canada goose store small investors, plus interest. The final figures are still to be determined as some clients have already redeemed their investments, lawyers on both sides of the matter said.
Canada Goose Parka The case has shone a rare light on the unlisted giant whose interests range across finance, housing, media and entertainment
Canada Goose online Sahara has uk canada goose outlet accumulated a string of trophies in recent years, including a stake in a Formula One motor racing team and ownership of Grosvenor House hotel in London. In July, it agreed to buy a controlling stake in New York Plaza Hotel.
But its core client base is the towns and villages away from the shiny cities of modern India. cents) a day. The company is a household name in India through its lead sponsorship of the national cricket team.
take eight years to pay what I get from Sahara in five years, Chaudhary, 40, said in Khalilabad, a town in Sant Kabir Nagar district in northern India. Like several Sahara customers interviewed nearly two weeks afterwards, he had Canada Goose sale not heard of the court ruling.
canada goose canada goose sale store SPENDING POWER Critics, including activist canada goose groups, say Sahara investment products are designed to evade oversight by financial regulators and Canada Goose online that it lacks transparency on the source and use of canada goose uk shop its funds, selling products to investors who do not understand the risks and ploughing the proceeds into real estate buy canada goose jacket cheap projects.
Canada Goose Outlet Under the scheme rejected by the Supreme Court, two firms owned by Sahara had offered bonds to small investors, promising, in some cases, to return three times the face value after 10 years.
canada goose coats on sale The court ruling that it raised money by means follows another rebuke in 2008, when the central bank ordered a Sahara company to stop taking deposits from the public.
In a country where money or undeclared wealth, is rampant, Sahara size and spending power have long fuelled canada goose clearance speculation over how the company operates.
Sahara, headed by Subrata Roy Sahara, its chairman and self described worker says it helps small investors outside the banking system and that it has never defaulted on them.
canada goose black friday sale agents motivate people who canada goose uk outlet would otherwise spend the money on liquor, gambling, etc, said Guddu Pandey, a school teacher and Sahara agent in Uttar Pradesh state, echoing an argument made by Sahara after the court verdict.
The company did not respond to several attempts by canadian goose jacket Reuters to get answers to written questions. Roy was not immediately available to cheap Canada Goose be interviewed, Sahara said.
Sahara has not said how it will refund the money to investors, although it has said it is healthy and investors need not worry.
canada goose deals ALL IN THE FAMILY The company full name is Sahara India Pariwar, or family. Roy, 64, refers to himself as the guardian of the world largest family, and espouses a philosophy of materialism
Canada Goose Jackets At its headquarters in the city of Lucknow, in Canada Goose Online Uttar Pradesh, staff greet visitors by putting their right canada goose clearance sale hand to their chest and saying Pranam Pranam is a respectful version of hello.
Roy, often photographed wearing a black necktie and vest over a white shirt, is based nearby at the showpiece Sahara Shaher, a sprawling gated complex of low white buildings and lawns where he lives and where the group holds an annual mass wedding for 101 couples who could otherwise not afford it.
canadian goose jacket Starting with capital of 2,000 rupees in the late 1970s, Roy built Sahara into canada goose coats on sale a giant that, according to its website, uk canada goose had assets of canada goose coats more than $21 billion as of April 2011.
buy canada goose jacket Roy is often described as Canada Goose Coats On Sale a billionaire but he is not on the Forbes list of rich Indians. Sahara website says no dividend has been paid for 34 years and no profit has been taken out of the company.
From its north India base, Sahara has become a cashed up global investor in hotels, sports and entertainment.
canada goose coats Last year, Roy teamed up with liquor baron Vijay Mallya of Kingfisher beer fame, paying $100 million for 42.5 Canada Goose Jackets percent of his Force India Formula One auto racing team. It paid $370 million for a franchise in cricket Indian Premier League.
buy canada goose jacket cheap In 2010, Sahara considered buying English Premier League soccer club Liverpool and held talks to buy the debt of film studio Metro Goldwyn Mayer. Neither deal happened.
Still, Roy is not typically bracketed with a corporate elite led by Indian families such as the Tatas, Birlas and Ambanis.
Canada Goose sale you look at the orthodox business community, canada goose black friday sale they have kept him at arm length, said Ashok Prasad, a physician, lawyer and academic who taught overseas before returning to Gorakhpur, the Uttar Pradesh city where Roy started out.
Instead, https://www.radondenvercolorado.com Roy is associated with Bollywood celebrities and, like many tycoons, is seen as having good political connections.