NEW DELHI: The Supreme Court on Monday gave Sahara group three months to submit final proposal to raise funds to repay investors’ money raised by the company in 2008 and 2009.
The apex court allowed Sahara to sell part of Aamby Valley township near Mumbai to raise funds
The SC also gave permission to US-based investor Mirach to file formal plea to buy Sahara overseas hotels
Sahara chief Subrata Roy and two other directors Ravi Shankar Dubey and Ashok Roy Choudhary are currently in custody since March 4, 2014, for the failure of group companies SIRECL and SHICL to comply with the apex court’s August 31, 2012 and December 5, 2012 orders to return the investors’ money which in 2012 was Rs 24,000 crore.
This amount on account of interest component has increased substantially.
(With inputs from agencies)
TOI | Mar 23, 2015
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