Journalism of Courage
The Supreme Court on Wednesday deferred a verdict on Sahara Group’s plea seeking a permission to raise more debt on its three overseas hotels, considered crucial to secure bail for its jailed chief Subrata Roy.
It asked the Group to address the issues pointed out by market regulator Sebi and amicus curiae in the case as they raised various objections to Sahara’s bid of external commercial loan.
Sahara, which already has a more than $900 million loan from Bank of China on its three hotels abroad, had sought the court’s permission to take over the loan and refinance it from another creditor and raise a fresh loan of $650 million. The court also allowed Sebi to disburse money to people having multiple deposits under the scheme, which was held to be illegal by the court in its August 2012 order. The court will hear the case next on January 9, when it is also likely to hear Sahara’s arguments against Sebi over non-verification of investors’ documents submitted by the group.
Meanwhile, according to a PTI report, Sebi has asked bondholders to submit their claims by next month along with necessary proof of their investments.
The latest exercise follows a similar attempt made by Sebi in August, wherein the eligible bondholders were asked to submit their refund claims by September 30, 2014.
