SC allows Sahara to raise additional $650 mn loan for Roy's release
New Delhi, Jan 9: The Supreme Court Friday permitted Sahara group to raise a "junior loan" of $650 million from Mirach Capital Group for the payment of Rs.5,000 crore cash and bank guarantee of same amount towards the part payment of investors money that it had raised in 2008-2009 - a condition for the release of Subrata Roy and two directors from custody. A bench of Justice T.S.Thakur, Justice Anil R. Dave and Justice A.K.Sikri, while allowing Sahara to raise additional loan against its three overseas hotels located in London and New York, said the money would come to Aamby Valley (Mauritius) Ltd. and only go to market regulator Securities and Exchange Board of India (SEBI). Aamby Valley (Mauritius) is wholly owned subsidiary of Sahara group's India based Aamby Valley Limited. While allowing Sahara to raise the loan, the court permitted Roy and group's two directors Ravi Shankar Dubey and Ashok Roy Choudhary to be shifted to a make-shift jail in conference hall at the Tihar Jail complex - a facility that was extended on Aug 1, 2014, for facilitating the sale of group's three offshore hotels - Grosvenor House Hotel in London and the New York Plaza and Dream New York hotels in New York.