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on 27 June 2014
This book deep dives into the world of Residuary Non Banking Companies including detailed accounts of Peerless and Sahara, and their battles with different regulators over different eras.

It is an interesting read which elaborates on how various loopholes have been regularly exploited by the companies to continue conducting their business.

The writing style is a simple narrative throughout. Recommended for anyone who wants to understand the behemoth that is Sahara and how RBI and SEBI , among others have tried to rein in Sahara's might and reach , to save the investors.
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on 30 May 2017
Good insite esp must read for finance students. Liked it for factual accuracy but the book paints Sahara group patriarch as a messiah and saviour. Could have been written more emphatically.
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on 16 September 2017
you get scammed into buying two books instead of one. this price is very misleading.
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on 28 July 2014
I read Sahara, the books is deeply researched, the author documents expertly the problem that Sahara faced with RBI and SEBI, It sheds light on its business model, and some of its shady business practices.The author does his best to provide the Sahara point of view, at all times, He is unscrupulously fair to them and as objective as possible in his analysis. His understanding of the banking, capital markets environment and regulators is deep, however the book suffers from poor editing. There is a lot of repetition, the structure is poor, this could have been a terrific 2 or 3 part investigative story but the material for a book is a little thin, the chapter on peerless, though interesting is not really connected to the main story, also the chapter number 8: a short profile of the judges, regulators who brought Sahara down is actually unnecessary. With better editing it would have been a sharper,crisper and better read
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on 12 February 2016
For one and all i want to clarify that i am a normal reader who never writes reviews and reads all sort of booksto get information on various topics. Shara ws one thng which i always wanted to read and understand. Bought the books only to realise that ther is no head and tail of the story and there are several spelling mistakes at tge end. I guess its better to refer wikipedia than reading this book. Gross injustice. Writer has written chapters by just putting all letters that he got from media news etc.thank god that this book was a part of kindle unlimited edition..
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TOP 1000 REVIEWERon 25 October 2015
Thank you Divakar Kaza...Great review and you touched upon many of the points about Sahara Group that I wondered about. I love Niall Ferguson too (Ascent of money). I wish came with a reply option under comments, they way they do on
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TOP 500 REVIEWERon 7 August 2014
SAHARA – the Untold Story – Tamal Bandyopadhyay
I was always very intrigued by the Sahara group. They were there everywhere. Everyweek on my way to the Airport, we see the monstrosity called the Sahara Star ( the old Centaur hotel) which seems to be perennially under renovation, you switch on the TV and Sahara was there, on the India colors of the cricket players on TV till recently, there was a Sahara Airlines ( till it got bought over by Jet Airways) which had the oldest planes next only to Aeroflot, a Sahara IPL team which vanished as mysteriously as it came in, a semi-township cum resort called AMBY valley, they also owned the tony Grosvenor hotel ( managed by the Marriott) in tony Mayfair gardens – London ( believe they also own hotels in NYC), they own the Q shops which had the entire Indian cricket modeling for them not to forget the infamous Force India team ( which the Saharas bailed out the cash strapped Mallya)... Sahara was ubiquitious. Where did the money come for this endless (mis)adventures ?
When Tamal Bandyopadhyay who has a reputation of writing about the most boring subjects like Banking and Monetary Policy into readable prose in MINT, you are tempted to buy his book. And you are not disappointed.
Without the usual boredom associated with any reportage on money and finance ( until and unless it is Niall Fergusson writing about it), Tamal takes us thru PEERLESS ( the infamous predecessor to SAHARA) and then the SAHARA story and all the needling that RBI and SEBI did to get SAHARA to behave itself…and not run a parallel banking system of the most dubious nature.
Where did the money come from ? The book does not solve this mystery for you but makes it pretty obvious…At times…the book is worrisome…as to how millions of poor can be duped into parting with their hard earned money…or how easy it is for politicians and other such shadowy characters to recirculate their money back into the system…and at times when it takes off on the Utopian world of Saharashri….it is too funny.
Nevertheless…an interesting book on how easy it is to subvert the banking system in a highly regulated economy like ours….and how you can spin one Ponzi scheme after the other…every time the law catches up with you.
The publisher and the author are pretty sporting chaps…the disclaimer of the Sahara group is published on the cover itself…..Not great literature…but an interesting book to read.
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on 15 November 2015
The book is more about the faceoff of Sahara group with regulators, first Reserve Bank of India (RBI) and then Securities and Exchange Board of India (SEBI) with a bit of story about the other major RNBC, Peerless. The reader, like me, would be left wanting for more, in case she expected to know more about the untold story of Sahara.

The author has done a lot of hard work in meeting different people related with the case of Sahara be it those in RBI, SEBI or Sahara India Parivar. I guess the established status of the author in financial media industry helped him get access to the high placed bureaucrats and other people like Subrata Roy. Author’s high profile background is good for the reader that she could get to read about the views of the policy makers and other revered names in the world of finance be it RBI governors, deputy governors, SEBI members and their internal communications including letters and even SMS.

The author does not indicate meeting any of the lakhs of Sahara agents whom Subrata Roy calls his family or any of the depositors who are apparently vegetable vendors, rickshaw pullers and other poor people out of financial system purview. The author relies on media stories/other such sources whenever any reference to things on ground is required like about how many Kalawatis are there in Sahara’s submissions and whether its depositors actually exist.

The book contains certain sections, which could have easily be done away with, like profiling of people associated with the case. It only adds bulk to the book without a lot of value addition for the reader. Any person following Sahara story is probably aware about the RBI, SEBI and their office bearers and could read about them in much more detail on the internet. Anyway, the short descriptions of one or two pages do not do justice to the effort spent by these remarkable people in achieving the heights of professional success.

The author could have easily cut down the number of pages in the book from current 374 pages and brought it below 300 pages.

After finishing the book, when the reader reflects to see whether she learnt something revealing, hitherto “Untold” about Sahara, then she feels disappointed. The insight level about the Sahara India Parivar remains more or less the same as it was before reading the book.

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on 9 August 2017
Very poorly written book don't buy
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on 11 April 2016
Nice read on event which led to powerful business tycoon going behind bars and still struggling to come out of it
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