Working on another deal to raise funds to secure release of Subrata Roy: Sahara

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Sahara said on Thursday that they are working on another deal to raise funds to secure the release of their chief Subrata Roy from Tihar jail. This came after the Supreme Court was informed that the proposed transactions for a loan of around US dollar 1,050 million from abroad for raising Rs. 10,000 crore to ensure the release of Sahara Group chief Subrata Roy from jail had failed.

The issue was mentioned before a bench headed by Justice T S Thakur by senior advocate Shekhar Naphade, who is assisting the court as an amicus curiae in the matter.

Naphade orally said that there had been allegations and counter-allegations between Sahara Group and Mirach Capital Llc of the US which was supposed to provide junior loan of USD 650 million and another USD 400 million in investment to the embattled group.

After, the amicus curiae brought to the notice of the bench about the reports on the forgery allegation against the Mirach Capital, the bench said that it could not hear the matter without a proper application and affidavits filed by the parties.

It asked the Sahara Group to explain by way of affidavit the entire development which had resulted in failure of the deal.

The apex court made it clear that it could only hear the matter after a proper application was filed by the Sahara.

Out of the amount of USD 1050 million, Sahara has been allowed to raise a junior loan of USD 650 million and USD 400 million in investment from Mirage Capital Llc.