Noting that it has been nine months since Sahara Group chief Subrata Roy has been in jail, the business house on Friday informed the Supreme Court that an agreement had been reached with a private entity for a loan of $ 650 million to pay the Rs. 10,000-crore set by the court for him to be released on bail.
At a hearing before a three-judge Bench led by Justice T.S. Thakur, Sahara counsel S. Ganesh said a private lender had agreed to take over the Sahara group’s loans.
The Bench said it would give its approval only after $650 million was first deposited in the escrow account.