Sahara gets final 90 days to close deal: Report
24/03/2015 08:05
The Sahara group on Mon day got three more months to wrap up any deal to raise Rs 10,000 crore that the Supreme Court has set for the release of jailed Chairman Subrata Roy, Economic Times reported. Following the court orders, the Sahara group will now pledge a portion of the land holdings in its Aamby Valley township to raise the Rs 5,000-crore bank guarantee required to bail out its long-jailed chief, Subrata Roy, Business Standard reported. The group has so far deposited a little under Rs 3,800 crore in cash, as part of its effort to comply with the bail conditions. It needs another Rs 1,200 crore in cash, apart from the Rs 5,000-crore bank guarantee. The SC on Monday allowed Roy to utilise a special conference room and Skype facilities within Tihar jail here for the next three months, in what the judges termed his 'final' chance to avoid appointment of a receiver to liquidate the group. The court decided the proposals mentioned here were among the ‘firmest’ Sahara had, as these were supported by memoranda of understanding signed with investors and letters of credit provided by lenders. The court also allowed the company to explore alternatives. However, it did not allow the group’s request to dispose of some domestic assets at prices 25-40 per cent below the the valuation indicated earlier.
24/03/2015 08:05
The Sahara group on Mon day got three more months to wrap up any deal to raise Rs 10,000 crore that the Supreme Court has set for the release of jailed Chairman Subrata Roy, Economic Times reported. Following the court orders, the Sahara group will now pledge a portion of the land holdings in its Aamby Valley township to raise the Rs 5,000-crore bank guarantee required to bail out its long-jailed chief, Subrata Roy, Business Standard reported. The group has so far deposited a little under Rs 3,800 crore in cash, as part of its effort to comply with the bail conditions. It needs another Rs 1,200 crore in cash, apart from the Rs 5,000-crore bank guarantee. The SC on Monday allowed Roy to utilise a special conference room and Skype facilities within Tihar jail here for the next three months, in what the judges termed his 'final' chance to avoid appointment of a receiver to liquidate the group. The court decided the proposals mentioned here were among the ‘firmest’ Sahara had, as these were supported by memoranda of understanding signed with investors and letters of credit provided by lenders. The court also allowed the company to explore alternatives. However, it did not allow the group’s request to dispose of some domestic assets at prices 25-40 per cent below the the valuation indicated earlier.
