A file photo of Subrata Roy. Photo: HT
New Delhi: The Supreme Court on Friday allowed Sahara group to raise $1.05 billion overseas to pay bail to secure the release of its chief Subrata Roy and two directors from jail. The transaction is subject to the group securing central bank approval.
In its order, the apex court allowed Sahara to raise a junior loan of $650 million and $400 million in investment from Mirage Capital Llc . This amount shall be transferred to a subsidiary of Sahara company Aamby Valley Ltd —Aamby Valley Mauritius Ltd .
A three-judge bench of justices T.S. Thakur , Anil R. Dave and A.K. Sikri asked the Sahara group to approach the Reserve Bank of India to get a clarification whether any foreign exchange laws and regulations would be violated if the money is brought into the country.
Sahara told the court on Friday that this money would cover the balance of the cash Rs.5,000 crore and a bank guarantee for the same amount required for the release of Roy and the two directors from Tihar jail where they have been held since March.
No comments:
Post a Comment