Sahara group to pay Rs. 10,000 crore in instalments for Chief Subrata Roy’s release
There might be some good news for Subrata Roy and the Sahara group tomorrow when the SC verdict will be pronounced. The Supreme Court (SC) is speculating the situation and considering the plea of jailed Sahara Group chief Subrata Roy who is seeking a modification of an earlier order. The SC had asked him to pay Rs 5,000 crore in cash besides a bank guarantee of an equivalent amount for securing his release.
After hearing the arguments from the counsel of Sahara Group and the SEBI on the fresh plea of Roy, the bench of justices comprising of T. S. Thakur and A. K. Sikri had reserved its order on May 29. The court, meanwhile, had allowed the Sahara Group to contact its creditor Bank of China for selling equities in three offshore hotels to raise the money.
The Sahara group after consolidating their assets mentioned in their fresh proposal that they will be able to deposit Rs 3,000 crore cash in five days, and another Rs 2,000 crore in cash in the next 30 days thereafter. The group would be able to raise funds by selling their equities in hotels, one in London and two in New York. Then they will be able to furnish a bank guarantee for the rest of Rs 5,000 crore in 60 days thereafter.
Source- The Financial Express
20000 crores refunding Sahara group, Court order on Sahara Group case, Sahara Group, Sahara group case, Sahara group gives the surety to deposit, Sahara Group real estate, Sahara India and Sebi, Sebi order on refunds, Securities and exchange board of India(Sebi)
