New Delhi, Jan 9 (IANS) 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.
The facility to stay in the conference hall that will last till Feb 20 is to facilitate the transaction of additional loan. Roy, Dubey and Choudhary were sent to custody on March 4, 2014, for not complying with the court's order of Aug 31, 2012, to return investors money.
The court in its order Friday said that Sahara Group would simultaneously apply to the Reserve Bank of India for clarification if there was any impediment in the way of transferring the amount of junior loan from Aamby Valley (Mauritius) to its holding company Aamby Valley Ltd.
The court said that Sahara Group would seek the clarification from the RBI within one week from Friday and the apex bank would decide on it within two weeks.
The court made it clear that Sahara Group will not create any equity on the strength of its order or project as if court has created a fait accompli for the government for the transfer of money.
The court's order on Sahara Group approaching the RBI for seeking clarification came in the wake of submission by amicus curiae AShekhar Naphade who told the court that funds raised in foreign markets could not be used to repay debts in the country. He said that there was an explicit bar under the Foreign Exchange Management Act on this count.
However, senior counsel S. Ganesh appearing for Sahara Group two real estate companies -Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) - said that they faced no impediment of FEMA in the transfer of money.
Ganesh told the court that five years back the holding company Aambay Valley Ltd had given a loan of 490 million pounds to Aambay Valley (Mauritius) and what would be coming back would be the part repayment of that loan which along with interest today stands at 540 million pounds.
The apex court Aug 31, 2012, had directed the SIRECL and SHICL to return investors Rs. 17,400 crores collected by then through OFCDs in 2008-2009 along with 15 percent interest. The said amount, according to SEBI, has more than doubled.
Devara: Junior NTR had the idea of casting Saif as a villain in Devara, which will be released on September 27
There is always some medium to reach a character. Junior NTR became that medium for actor Saif Ali Khan. Saif Ali Khan is playing the role of villain Bhaira in the film Devara. This is Saif's first
Now it will be impossible to occupy Waqf properties, every penny of the property will be recorded on the 'Umeed Portal'
The Central Government has notified the 'Integrated Waqf Management, Empowerment, Efficiency and Development Rules, 2025' regarding various aspects of the Waqf (Amendment) Act. These include portal
UP will get relief from weekly closure, CM Yogi Adityanath has given instructions to issue guidelines
There is relief news for the people of Uttar Pradesh. Now the people of the state can also get rid of the weekly bandh of two days. Chief Minister Yogi Adityanath has directed the Home Department to
Weekend curfew somewhere, somewhere lockdown, Corona from Delhi-UP to Maharashtra, see where restrictions in the country
In India, Corona is making records every day and for three consecutive days, the daily case figure is crossing two lakhs. On Saturday also, 2 lakh 34 thousand new cases of Coronavirus have been
We have forced Nation to talk about Black Money: Modi
New Delhi, Feb 27 (IANS) Prime Minister Narendra Modi Friday said the government had "compelled" the nation to talk about black money."We have compelled the nation to talk about black money. This is
Twitter's big bet: This special method adopted to beat Elon Musk's plan, know how it will work
On Thursday, when Elon Musk, the world's richest man and Tesla CEO, offered to buy Twitter 100%, it shocked not only the general public but the Twitter board as well. A board meeting was convened in a
Lok Sabha Election: A day before counting, there was a commotion in the RJD-BJP office, BSP's statement created a stir in Buxar
Voting for the seventh and last phase of the Lok Sabha elections has ended. All the people involved in the elections are resting. Since Sunday was a holiday, the government employees involved in the
Hindu widow saved 10 Muslims in Bihar riots
Azizpur (Bihar), Jan 21 (IANS) A Hindu woman who saved lives of 10 Muslims in this village in Bihar's Muzaffarpur district during the recent clashes in which five people died is being hailed as a
Israel-Hamas War: Cease fire in Gaza Strip today after 46 days, about 300 Palestinian prisoners will be released in exchange for 50 Israeli hostages.
A four-day ceasefire has been agreed to in the 46-day-long Israel-Hamas war. Under the agreement, the extremist organization Hamas will release 50 women and children among those abducted and held
Bridge Collapses: Hundreds of lives were saved on the bridge due to the alertness of the crew; Read the full story of the Baltimore accident
A major accident occurred in Baltimore City Maryland state of America. Here, the three-kilometer-long 'Francis Scott Key bridge collapsed due to a collision with a container ship. All 22 crew members
