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India’s top court allows Sahara to raise loan for boss’s bail

Court has permitted Subrata Roy to use a makeshift office inside the jail premises from Jan. 12 to Feb. 20.

subrata-roy Sahara group chief Subrata Roy.

India’s top court has cleared the way for embattled conglomerate Sahara to raise fresh loans totalling $1.05 billion using its overseas hotels, helping the group to fund the bail payment needed to release its jailed boss.

See also: The Rise and Fall of Sahara Chief Subrata Roy

The Supreme Court has set conditions on the fund raising, however, and on Friday asked Sahara to obtain necessary approvals from the Indian central bank and other authorities to comply with foreign exchange rules.

Read also: Pay Rs 10,000 crore to get bail: SC tells Sahara chief Subrata Roy

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Ruling on Sahara’s plea, the court also permitted the group’s chairman Subrata Roy to use a makeshift office inside the jail premises, with facilities such as phones and computers, from Jan. 12 to Feb. 20.

First published on: 09-01-2015 at 04:47:50 pm
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