New Delhi : The Sahara Group on Thursday welcomed Supreme Court’s move to lift the embargo on moveable and immovable properties within the country and abroad saying that it would pave way for the release of Chairman Subrata Roy Sahara and two of its directors.
Since November, 2013, operations of the Sahara group had been facing challenges and almost making it impossible for them to raise any amount. Keshav Mohan, Advocate appearing for Sahara said, “needless to say that today’s development in the court has brought in much sought relief for Sahara after many months when it witnessed court’s curiosity, keenness and kindness to ascertain the factual position and the practical difficulties being faced by Saharas. Also Sahara is hopeful that verification process will start soon and the matter will move towards a logical conclusion which will ultimately set the tune of normalcy in the house of Saharas in due course of time.”
Sahara, in its fresh proposal, said it would like to deposit Rs 3,000 crore cash in five days and another Rs 2,000 crore in cash in the next 30 days thereafter. The group would be furnishing a bank guarantee for the rest of Rs 5,000 crore in 60 days after selling its equities in hotels, one in London and two in New York, the group said. Roy is at present in Tihar jail after the court sent him to judicial custody on March 4 for not complying with the court’s to return the investors’ Rs.24,000 crore that Sahara’s two companies had raised from investors.