Sahara: The Untold Story

Sahara: The Untold Story

Sahara Group, the second largest employer in India, is embroiled in a legal battle with the regulators. Two of its firms are under a strict directive from the Supreme Court of India to refund all money that it had collected in the form of deposit or debentures to all its depositors within 3 months. Sahara : The Untold Story is a highly illustrated, anecdotal account of the biggest crisis ever for this corporate giant, how it originated in the first place and, years later, how and why they are wrapped up in the same kind conflict once again.

Two of the Sahara group of companies are impeached by the Supreme Court of India with violation of regulatory norms by selling off public debentures and raising money. They are under a deadline of 3 months to refund all the money to their investors. The group has a history of a tussle with the income tax department as well. In 1996, IT charged them to furnish all details pertaining to a list of 100 MLAs, MPs, and eminent dignitaries, who were supposedly depositing mammoth amounts of black money with them. What followed was a string of ultimatums from the IT department to Sahara, and Sahara group forefending their strikes every time with all the possible excuses. What is more intriguing and equally amusing is that such a corporate giant does not have all details of its depositors. There are myriad instances, vividly picturing each and every detail of this debacle, capturing even the subtle nuances of the complicated battle, in this book.

Sahara : The Untold Story is an insight into the powerful corporate giant, revealing some unheard and buried secrets.


“All characters appearing in this work are fictitious. Any resemblance to real persons, living or dead, is purely coincidental.”


S.S. Tarapore
Former Deputy Governor of Reserve Bank of India

Tamal’s meticulously researched book will be a reference document for any serious study of the evolution of RNBCs. Hence, it should be mandatory reading for policymakers, opinion makers, participants in the financial sector and the discerning public.

D.N. Ghosh
Former Chairman of the State Bank of India

This is a gripping story … Narrated with journalistic panache, the book offers the readers a peep into the mysteries surrounding Sahara’s phenomenal growth.

Suresh Prabhu
Minister of Railways

Great research, well written.Very bold, sincere, investigative and gripping!.

Vinod Rai
Former Comptroller and Auditor General of India

It is an exceedingly well researched book bringing out a balanced viewpoint

Dr. Y.V. Reddy
Former Governor of RBI

It’s a sort of recent oral history of a financial institution. Tamal has set a new trend in the dissemination of knowledge.

Deepak Parekh
HDFC Chairman

Tamal is regarded for his incisive reasoning and analysis… It is time to welcome the arrival of a new author.

Deepak Parekh
HDFC Chairman

Tamal is regarded for his incisive reasoning and analysis… It is time to welcome the arrival of a new author.

K.V. Kamath
BRICS Bank President

A fast-paced story, told in typical Tamal style. Unputdownable. Well-researched, well-written and extremely readable.

T.N. Ninan
Editorial Director of Business Standard

Tamal’s sharp reporting instincts as well as eye for detail help him pain a profile that accurately reflects the original.

Raju Narisetti
Founding Editor of Mint

The ultimate insider story… that could only have been retold by India’s most respected and well-sourced banking and financial journalist.