SC gives Sahara one more chance to arrange funds

The Supreme Court has given Sahara group a final chance to arrange the funds before taking action.

The Supreme Court has pulled up the Sahara Group yet again today for failing to raise money to secure the release of their chief, Subarata Roy from jail.

The court has given the group a final chance to arrange the funds before taking an action.

It was again a day of frustration for Sahara counsels as they continue to seek more relief for Subrata Roy and was met with a public lashing by the Supreme Court. The bench came out with some very harsh observations and frustrated with the lack of action from Sahara Pariwar even though Roy has now been in jail for more than 12 months.

Supreme Court recording as a part of the order - that is has allowed enough time and opportunity to the Sahara Pariwar to raise funds. Two such opportunities have been allowed but those opportunities did not lead to any tangible results.

The final verdict given by the Supreme Court is that they will be allowing just one more opportunity to the Sahara Pariwar, failing which the Court has threatened that it would go ahead and appoint a receiver for selling of all the assets of Sahara to realise the money - not just the bail amount of Rs 10,000 crore but the amount that has been claimed by Sebi which is close to about Rs 37,000 crore rupees as well as the about Rs 10,000 crore sought by the income tax department. Those are the dire consequences that Sahara is now confronted with.

Sahara on their part has conceded that they have received offers for mortgaging and refinancing of their overseas hotels and they would be forwarding those documents to the market regulator.

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