SC gives Sahara 3 months to raise Rs. 10,000 crore to release Subrata Roy

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By NewsGram Staff Writer

Supreme Court on Monday gave Sahara three more months to arrange Rs. 10,000 crore to make part of the payment to investors and get bail for Subrata Roy, the Sahara group chief who is in prison for a year now.

Sahara has been allowed by the court to sell ten of its properties across the country and raise Rs. 650 crore. Rest of the sum will come from Hong Kong based Nouam Financial Services. But the SC has also made it clear that if the conglomerate fails to come up with the sum then the court will arrange for the properties to be sold off.

“We make it clear. Should there be any difficulty in finalizing the deal we shall be left with no option but to explore the option of appointing the receiver,” the court said in its order.

The court allowed , Subrata Roy and Sahara Group’s two other directors – Ravi Shankar Dubey and Ashok Roy Choudhary the use of conference hall of Tihar jail and its communication services like laptops to deal with potential financiers.

Earlier attempt by the group to release Subrata Roy with money from U.S.-based investor Mirach Capital did not bear fruit.

The SC on August 30, 2012, had ordered the Sahara group’s two companies SIRECL and SHICL to return investors Rs.17,400 crore collected by them in 2008-2009 along with 15 percent interest.