There seems to be no end to Sahara chief Subrata Roy’s miseries. Latest reports suggest that Supreme Court deferred a verdict on embattled Sahara Group’s plea seeking permission to raise more debt on its three overseas hotels, crucial to secure bail for its jailed chief. Roy has been lodged at Tihar since March .
Sahara needs to deposit an initial $1.6 billion to secure bail for Roy, held in a New Delhi’s Tihar Jail for more than nine months in a long-running dispute with SEBI. Sahara has previously said that it had repaid most investors, a claim the court and the markets regulator, the Securities and Exchange Board of India, have disputed citing the investors fictitious.
The court sought further details from Sahara on the proposed loan after objections from SEBI. The court will hear the case next on Jan. 9, judges said. Sahara, which already has a more than $900 million loan from Bank of China on the three hotels, including the Plaza in New York and the Grosvenor House in London, had sought the court’s permission to take over the loan and refinance it from another creditor and raise a fresh loan of $650 million.