Supreme Court asks Sahara to Submit Fresh Fundraising Plans

Sahara Chief Subrata to Stay in Jail

Published: 11th February 2015 04:41 PM  |   Last Updated: 11th February 2015 04:41 PM   |  A+A-


MUMBAI: Supreme Court has asked conglomerate Sahara to submit a fresh plan for raising funds against its properties after the collapse of negotiations with a U.S.-based firm last week, an independent lawyer advising the court on the case said.

Sahara is struggling to raise cash to fund bail for its jailed boss. Last week it described as fake a Bank of America letter intended to show that U.S.-based Mirach Capital had enough funds to arrange a $2 billion deal.

Sahara was in funding talks with Mirach that would have involved refinancing the conglomerate's overseas hotels, including New York's Plaza and Grosvenor House in London. Mirach has denied forging the bank letter.

"I mentioned the matter (in the court) because of the allegations and counter-allegations between Mirach andSahara," Shekhar Naphade, an independent lawyer advising the Supreme Court on the case against Saharaboss Subrata Roy, told Reuters.

The court then asked Sahara to submit a new fundraising plan, Naphade said. "Their deal with Mirach is over. As and when they make the application we will see," he said.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp