Subrata Roy has been in a Delhi jail since March 4 after failing to appear at a contempt hearing in his group's legal battle with the Securities and Exchange Board of India over the company's failure to repay investors who bought the outlawed bonds.
Spanish bank denies credit line to bail Sahara boss.
Lawyers said that assets are being sold and the group is depositing the money with Sebi.
Sahara group, whose chief Subrata Roy who was in jail for over two years in connection with a long-running dispute with markets regulator Sebi is now out on parole
The Supreme Court has given troubled conglomerate Sahara a month's time to explain why a receiver should not be appointed to auction off its properties.
The Supreme Court on Monday gave conglomerate Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy, who has been held in a New Delhi jail for more than a year. Sahara has made several failed attempts to raise $1.6 billion in bail money. 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. The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy. On Monday, the country's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds.
Roy was jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog.
Sahara told the court it was working on new deals to raise funds.
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The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
Roy and his associates were jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog over the company's failure to repay billions of dollars to investors who were sold outlawed bonds.
Roy, who has been in jail for over five months, said that he cannot reveal the name of the party and the bank, saying that their confidentiality has to be protected till the deal is signed.
Genuine investments identified so far is Rs.1.08 cr out of around Rs 24,000 cr.
Company has submitted before the court that the plaintiff is attempting to attach property that falls outside of the jurisdiction of the court
Sahara Chief Subrata Roy, who has been in jail for the last four months, on Thursday pleaded before the Supreme Court to allow him parole for at least 40 days to sell his properties to raise Rs 10,000 crore to get bail and expressed his willingness to dispose of luxury hotels in New York and London.
Sahara says it got suspicious on February 1 about the purported letter showing Mirach having blocked sufficient funds with Bank of America.
Subrata Roy is in jail since March last year.
Sahara Group got other much-needed relief with the apex court lifting its embargo of permitting it to sell only 19 properties.
Sebi suggested Roy be allowed to step out of Tihar jail for a few hours every day to negotiate the sale of his foreign properties over video conference.
Mirach said it has remitted $2.625 million to the Sebi-Sahara Fund.
The Supreme Court on Friday reserved its order on interim bail plea of Sahara Chief Subrata Roy who pleaded to the court to show 'raham' (mercy) and allow him to come out of jail to sell off his properties to deposit Rs 10,000 crore (Rs 100 billion) with SEBI as directed to get regular bail.
The top court last week gave Sahara a final chance to raise funds.
Sahara told the top court this week it was considering other proposals to raise funds, including selling a luxury development outside Pune.
Senior advocate S Ganesh, appearing for Roy, submitted that it may not feasible for the group to dispose of its Indian properties as the real estate prices have crashed down since June this year.
Sahara has ploughed at least Rs 1,500 crore from two of its credit cooperatives into the Aamby Valley resort project
Sahara said it has initiated legal action against Mirach Capital.
Sahara accuses Mirach Capital of cheating, forging bank letter.
'The entire explanation of the episode is difficult to digest.'
The permission came after the court was satisfied that the transactions were in accordance with its June 4 order.
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The Supreme Court on Wednesday said that the money likely to be arranged by Sahara Group from overseas to raise Rs 10,000 crore (Rs 100 billion) for the release of its jailed chief Subrato Roy would come into the country only after necessary clearances by RBI.
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Sahara and its founder Subrata Roy have been under scrutiny for years over its financial products, including for possible money laundering.
Sahara relied on a letter from bank saying the funds were there.
'Every Ali obituary I read made the point that he 'transcended his sport' -- a reference to the many battles he fought with America even as he fought in America.' 'What the obituaries leave out is that Ali equally transcended the boundaries of geography and of information -- as witness the Chennai teen who assimilated that most mobile of fighters through still images shorn of context.'
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