sahara still in trouble
A scheduled Supreme Court hearing involving the Sahara conglomerate,
whose chief has been in jail over the group’s failure to comply with a
ruling to repay billions of dollars to investors in outlawed bonds,
will not be held on Tuesday. The reason for the court not hearing the
case on the scheduled date was not known, two lawyers involved in the
case who declined to be identified. They added they did not know when
the case would be heard next.
Sahara Chairman Subrata Roy, 65, was arrested on February 28 for
failing to appear at a hearing in the long-running legal battle
between the unlisted group and Securities and Exchange Board of India
(SEBI), and has been held in a Delhi jail since March 4. The court,
which had ordered Roy to be held until the next hearing, had also
asked Sahara to come up with a “concrete and acceptable” plan to
refund investors. Last Tuesday, the court rejected a Sahara proposal
to give bank guarantees of 225 billion rupees within three to six
months, as well as a subsequent proposal to pay a total of 174 billion
rupees in six instalments through July 2015.
Sahara is best known as the former main sponsor of the national
cricket team, as well as owner of New York’s Plaza Hotel and London’s
Grosvenor House. It has a net worth of $11 billion and more than
36,000 acres of real estate, according to its website.