FLOW OF MONEY

A LONDON DREAM AND SOME SLEEPLESS NIGHTS

2008-09: Sahara India Real Estate and Sahara Housing Invest start issuing optionally fully convertible debentures Sep09: Sahara Prime City files offer document with Sebi for an IPO Jan10: Roshan Lal, an Indore resident, files a complaint alleging irregularities in OFCD issues Mar10: Londons Grosvenor hotel is put on sale by Royal Bank of Scotland Feb-Aug,10: Several rounds of correspondence between Sebi and Sahara as the group refused to share details of the issue citing jurisdiction Aug 16,10: Sebi passes an order initiating investigation in to the two companies Aug 30,10: Sebi serves summons on Sahara seeking details Sep 13,10: Sahara responds to summons Sep 23,10: Sebi serves a fresh summons Sep 30, 10: Sahara responds asking
Sebi to withdraw the summonses Oct 10, 10: Aamby Valley (Mauritius) is registered in Mauritius Oct 28, 10: Aamby Valley purchases 99.99 % in Aamby Valley (Mauritius) Nov 3, 10: Sahara CFO DJ Bagchi meets Sebi member KM Abraham Nov 20,10: Sahara India Real Estate enters into loan agreement with Sahara India Commercial Corp (SICCL) Nov 24, 10: Sebi passes interim order against SIRECL, SHICL from raising money through OFCDs Nov 30,10: Loan Agreement between SICCL and Aamby Valley ltd for ~3859 crore Dec 13,10: Allahabad High Court gives a stay on the Sebi order Dec 13,10: Aamby Valley signs a loan agreement with its subsidiary Aamby Valley (Mauritius) Dec 24,10: GBP 470 million remitted to Mauritius subsidiary Dec 31,10: Announcement of Grosvenor Hotel by Sahara group

PUBLIC SIRECL Loan SICCL

Advance

Grosvenor Hotel, London

~3,859cr

Subrata Roy

BUYS
from Royal Bank of Scotland

Preference shares

Beneficial ownership of 75.8%*

AAMBY VALLEY
*As on date of acquisition

Loan to subsidiary

470 million

AAMBY VALLEY Mauritius

Source: Sebi interim order, FIU report, Sahara group