As Sahara India chief Subrata Roy continues negotiations with potential investors to raise funds to secure his release from jail, a senior group executive has proposed a 'contribution scheme' to raise Rs 2,500-3,000 crore ( 25-30 billion) from two lakh members of its parabanking division.
The lawyer, who threw black ink at Sahara Group chief Subrata Roy in the Supreme Court premises on Tuesday, was today sent to Tihar jail by a Delhi court after he failed to get a surety for his bail.
Fed up with the tactics of Sahara Group and its chief Subrata Roy, the Supreme Court observed that judges would need to be "superhumans" to handle the pressures to handle frivolous litigations.
At the reserve price, these auctions will take the total fund raising to at least Rs 3,100 crore (Rs 31 billion).
As many as 3,268 title deeds in Sebi's possession would undergo scrutiny and be prepared for sale.
Senior advocates Kapil Sibal and Mukul Rohatgi, appearing for Sahara, has sought time till August 15 for realisation of the cheque and giving a road map for depositing the remaining amount.
RBI has sought to stop one of its firms from disposing off assets.
After selling land in Gurgaon for Rs 1,211 crore recently, the Sahara group is believed to have finalised two more realty deals, one in Mumbai and another in Jodhpur, for Rs 1,250 crore.
Sebi says Sahara investors refunded over Rs 42 cr.
Property sold via HDFC Realty for Rs 58 cr; 60 properties on sale via e-auction
Sahara cousel Kapil Sibal said he was preparing an application.
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.
Roy, who in compliance with the last order appeared before the court, was told by the apex court that he has to frequently make the payment as per the roadmap approved by the court or face further imprisonment.
The apex court told Roy that his proposal of paying Rs 1,500 crore, if the auction process was halted or postponed, was unbelievable.
Suitors came with all-cash offers but were rebuffed
Sahara was to provide a bank guarantee from HSBC.
The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
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.
"My judicial custody in Tihar jail and being confined to a prison cell with just the basic amenities definitely came as a rude shock."
Jail officials, group to thrash out finer details to enable late night skype with Los Angeles-based buyers.
The apex court asked Securities and Exchange Board of India to release title deeds of the property to be sold by Sahara in favour of purchasers for arranging the money.
Sahara said it has initiated legal action against Mirach Capital.
The Sahara group on Tuesday told the Supreme Court that its chief Subrata Roy is not liable for refunding Rs 24,000 crore (Rs 240 billion) collected by its two firms from investors, countering the arguments of SEBI, which wanted his passport to be impounded till the contempt plea against him and companies is decided.
Force India co-owner Vijay Mallya has rejected speculation about his Formula One team's finances, saying they will be racing for years to come.
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.
Sahara and its founder Subrata Roy have been under scrutiny for years over its financial products, including for possible money laundering.
The top court last week gave Sahara a final chance to raise funds.
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.
Former IPL chief shooed off potential buyers at the behest of Sushanto Roy, says broker
Sahara chief Subrata Roy may not come out clean in the biggest ever investment fraud that he allegedly did few years ago.
In a fresh twist to the alleged "forgery" saga, US-based Mirach has asked Sahara to make a "formal apology" for tarnishing its image.
Latest exercise follows two similar attempts made by Sebi in the past
Spanish bank denies credit line to bail Sahara boss.
Sahara chief had recently made a plea before the apex court to pass an early order on his petition challenging his detention, saying temperature in the capital has gone up and he is not feeling well in jail.
Besides Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies.
Sahara accuses Mirach Capital of cheating, forging bank letter.
The hearing was adjourned to March 25.
Sahara told the top court this week it was considering other proposals to raise funds, including selling a luxury development outside Pune.
The Supreme Court will on Tuesday deliver its verdict on Sahara Chief Subrata Roy's petition challenging its decision to send him to jail for not complying with its order to deposit around Rs. 20,000 crore (Rs 200 billion) of investors money with SEBI.
Sahara says it got suspicious on February 1 about the purported letter showing Mirach having blocked sufficient funds with Bank of America.
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