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SC asks Sahara Group to submit fresh fundraising plans

| | Feb 11, 2015, at 11:40 pm
#SC asks Sahara Group to submit fresh fundraising plans
New Delhi, Feb 11 (IBNS): The Supreme Court of India on Wednesday asked Sahara Group to submit a fresh plan for raising funds against its properties after the US-based Mirach Capital called off its $2 billion loan deal with the group, which would have helped it on raising the money and get its chief Subrata Roy out of jail.
Sahara is struggling hard to raise money to get its chief Subrata Roy bailed. Roy is in Tihar Jail since early last year after his arrest for allegedly defrauding investors of over Rs 200 billion.
 
The apex court has also criticised the Sahara group for the delay in sale of overseas properties. 
 
Sahara was ealier allowed by the SC to sell its overseas properties in order to enable the group to pay around Rs 26,000 crore related to refund of its investors.
 
The top court now wants an asset management agency to handle the sale of its overseas properties, reports said.
 
Sahara and Mirach Capital have now indulged in a war of words and have accused one another for scuttling the deal.
 
While Sahara has accused Mirach of forging bank letters, the US company said that the former is deliberately scuttling the deal.
 
Lawyers of the Sahara group  have told the court that the company is a victim and it has filed an FIR. 
 
Sahara will file an affidavit about all facts, its lawyers told the court. 
 
The top court asked Sahara to file its affidavit and then it will take up the case for hearing.
 
 

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