Kapil Sibal's plea sort of worked, Subrata Sahara wins 3 more months to scrape cash together

Wednesday, 25 March 2015 By Legally India Bar, Bench & Litigation

The Hindu reported:

The Supreme Court on Monday granted three more months to the Sahara group to sell its offshore properties to raise the Rs 10,000 crore required to secure the release of its chief Subrata Roy on bail. The court said it was satisfied with the company’s latest proposal and would allow it to proceed further.

“Prima facie, we are satisfied that the proposal appears to be a serious effort and we allow it to pursue it further,” said the court.

Senior counsel Kapil Sibal appeared for Roy, and had secured a “final chance” for the Sahara boss to raise the money by selling the company’s properties. Roy has been jailed for one year now for contempt by violating an order from SEBI to repay investors.

SaharaKapil SibalSupreme Court

Comments

Seema Sapra 26 Mar 2015, 04:43
+0 -0
How long will this go on, before Sahara properties are seized and auctioned.

See http://www.business-standard.com/article/companies/subrata-roy-s-saviour-firm-had-capital-of-rs-1-lakh-director-in-a-chawl-115032500865_1.html?google_editors_picks=true

http://economictimes.indiatimes.com/news/politics-and-nation/spains-bbva-denies-credit-line-to-bail-sahara-boss-subrata-roy/articleshow/46687544.cms

http://in.reuters.com/article/2015/03/25/bbva-sahara-idINKBN0ML0LI20150325

Also Sahara fraud is money laundering and not investor fraud.

The SC's power to keep Subrat Roy in prison for contempt has to have a time limit. The country and the rule of law is being taken for a ride.
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