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HindustanTimes Sun,21 Dec 2014

Sahara likely to suffer if Roy remains out of action for long

HT Correspondent, Hindustan Times  New Delhi, March 01, 2014
First Published: 12:45 IST(1/3/2014) | Last Updated: 13:01 IST(1/3/2014)

The Sahara Group’s businesses across the country will continue as usual, despite the surrender of its chairman Subrata Roy to the UP Police in Lucknow on Friday, Seemanto R Roy, director of Sahara Group and younger son of the Sahara chief, told reporters in Delhi.

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“The business will not suffer,” he assured investors but refused to comment further.

Sources said the day-to-day functioning of the companies would not suffer as they are run by professionals. His sons are also quite actively involved in the operations. However, the group could face problems in the medium to long term if the Sahara chief is not released soon as he takes all the strategic decisions.

“… we are fighting an ongoing legal battle and as a responsible business organisation … we are committed to abide by the law of the land,” Sreemanto said at a hastily organised press conference at The Lalit in Delhi.

Shares of Sahara One Media & Entertainment and Sahara Housingfina Corporation, two listed companies of the Sahara Group fell 2.99% and 0.65%, respectively, on the BSE after Subrata Roy surrendered.

Meanwhile, the Delhi Police went into a huddle early on Friday morning when they learnt about the Sahara Group press conference. “We couldn’t have taken any chances; so, we deployed staff in the area based on apprehensions that Roy could be arrested,” said a senior police officer.

Though the police refused say how many personnel it had deployed, the senior officer admitted that it was a “sizable share” police deployment in the VIP New Delhi district.


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