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Supreme Court gives Sahara 3 months to submit final proposal to raise funds

Sahara has made several failed attempts to raise $1.6 billion in bail money.

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The Supreme Court on Monday gave beleaguered Sahara Group three months more to finalise the business deals and raise the money required to make its chief Subrata Roy walk out of jail.

A bench led by Justice TS Thakur allowed Roy and two Sahara directors, jailed since March 4 last year, to use the internet and other facilities of the conference room in the Delhi’s Tihar Jail complex to facilitate the negotiations.

It further accepted Sahara’s plea to let it sell 10 domestic properties and a land parcel of the Aamby Valley City, a sprawling luxurious township near Mumbai in Maharashtra. On Monday, Sahara’s lawyers told the court that the group would raise the cash through one Hong Kong-based Nuoam Ltd, which would take over a Bank of China loan.

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Bank of China had lent Sahara around $820 million for purchasing stakes in three overseas hotels—Plaza Hotel and Dream Downtown in New York and Grosvenor House in London. Kapil Sibal, the lawyer representing Sahara, said Nuoam would take over this loan, which had been guaranteed by investment bank BBVA, Madrid.

First published on: 24-03-2015 at 12:00:47 am
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