Supreme Court gives a final chance to Sahara to raise funds
The Supreme Court accepted to give a final chance to Sahara to raise funds in order to comply with its earlier orders regarding reimbursement to investors. If Sahara fails to raise the funds, the Supreme Court would then appoint a receiver and an auction of Sahara’s properties would be held.
Meanwhile, Subrata Ray, Chairperson of Sahara India continues to be in Tihar Jail, where he has been lodged since last March. The Supreme Court had fixed $1.6 billion as the bail amount whichSaharashri needs to pay to get out of jail.
Earlier, Sahara in its efforts to sell its properties was in talks with Mirach Capital, a US based investor but the talks failed. Today, the Apex Court was informed by Sahara’s lawyers that the Company is working on new deals to get funds. Meanwhile, London’s Grosvenor House hotel, in which Sahara has a stake, has been put up for sale due to the loan default on the loan granted to the hotel by Bank of China.
Sahara in its portfolio has interests in various sectors, which range from sports to media channel and real estate. All properties of Sahara could be threatened if the company fails to come up with a plan that satisfies the Apex Court. The Court has also given Subrata Roy to use the office space inside Tihar Jail for up to five hours per days, till March 23.
You may read more of our coverage on Sahara case here.