SC Allows Sahara Group Three Month To Submit Final Proposal To Raise Funds To Repay Investor’s
23 March, New Delhi
The Supreme Court has given Sahara group three months to submit a final proposal to raise funds to repay investors’ money raised by the company in 2008 and 2009.
It has to raise ten thousand crore rupees by selling or mortgaging it assets to bail out its founder Subrata Roy who is currently in custody.
The apex court allowed Sahara to sell part of its Aamby Valley township outside Mumbai and and other properties to raise funds to seek Roy’s release.
The next hearing in the case is scheduled for 1st August. Subrata Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal.