The Supreme Court on Friday allowed the Sahara group to raise a “junior loan” of $650 million from a foreign lender to pay Rs.5,000 crore and bank guarantee of same amount for the release of Subrata Roy and two directors on bail.
A three-judge bench led by Justice T.S. Thakur said the amount, raised as loan against its three overseas hotels located in London and New York, would be parked in Aamby Valley (Mauritius) Ltd., a wholly owned subsidiary of Sahara group’s India-based Aamby Valley Limited.
However, the court said Sahara Group should also clear up with the Reserve Bank of India if there were any impediments under the Foreign Exchange Management Act in case of transfer of the loan amount from its Mauritius subsidiary.
