The Hindu reported:
The Supreme Court on Monday granted three more months to the Sahara group to sell its offshore properties to raise the Rs 10,000 crore required to secure the release of its chief Subrata Roy on bail. The court said it was satisfied with the company’s latest proposal and would allow it to proceed further.
“Prima facie, we are satisfied that the proposal appears to be a serious effort and we allow it to pursue it further,” said the court.
Senior counsel Kapil Sibal appeared for Roy, and had secured a “final chance" for the Sahara boss to raise the money by selling the company’s properties. Roy has been jailed for one year now for contempt by violating an order from SEBI to repay investors.
By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.
threads most popular
thread most upvoted
comment newest
first oldest
first
See www.business-standard.com/article/companies/subrata-roy-s-saviour-firm-had-capital-of-rs-1-lakh-director-in-a-chawl-115032500865_1.html?google_editors_picks=true
economictimes.indiatimes.com/news/politics-and-nation/spains-bbva-denies-credit-line-to-bail-sahara-boss-subrata-roy/articleshow/46687544.cms
in.reuters.com/article/2015/03/25/bbva-sahara-idINKBN0ML0LI20150325
Also Sahara fraud is money laundering and not investor fraud.
The SC's power to keep Subrat Roy in prison for contempt has to have a time limit. The country and the rule of law is being taken for a ride.
threads most popular
thread most upvoted
comment newest
first oldest
first