SC defers verdict on Sahara plea to raise more loans for Subrata Roy's bail to Jan 9

The Supreme Court on Wednesday deferred a verdict on Sahara Group's plea seeking permission to raise more debt on its three overseas hotels, crucial to secure bail for its jailed chief Subrata Roy.

The SC will hear the case next on January 9, judges said.

Sahara, the home-grown conglomerate, needs to deposit an initial US $1.6 billion to secure bail for Roy, who is held in the Tihar jail from over nine months in a long-running dispute over refunding billions of dollars to investors in outlawed bonds.

The group, which already has a loan of over US $900 million 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 US $650 million.

The apex court sought further details from Sahara on the proposed loan after objections from capital market regulator Securities and Exchange Borad of India (Sebi).

(Reuters)