Supreme Court defers Sahara verdict till 9 January
The Supreme Court on Wednesday deferred a verdict on embattled Sahara conglomerate's plea seeking permission to raise more debt on its three overseas hotels, crucial to secure bail for its jailed chief Subrata Roy.
Mumbai: The Supreme Court on Wednesday deferred a verdict on embattled Sahara conglomerate's plea seeking permission to raise more debt on its three overseas hotels, crucial to secure bail for its jailed chief Subrata Roy.
Sahara needs to deposit an initial $1.6 billion to secure bail for Roy, held in a New Delhi jail for more than nine months in a long-running dispute over refunding billions of dollars to investors in outlawed bonds.
The court sought further details from Sahara on the proposed loan after objections from the country's capital markets regulator. The court will hear the case next on January 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, 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.
The court also said that FIR is not an “encyclopedia” that must disclose all the facts and details relating to the offence reported and that courts should not to go into the merits of the allegations when an investigation is in progress
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