Sahara Chief Subrata Roy To Stay On In Jail: 10 Facts

Sahara chief Subrata Roy will stay on in jail after the Supreme Court on Thursday reserved its orders on his plea for immediate release from Delhi's Tihar jail to enable him to raise money to refund around Rs 36000 crore to investors. Here's your cheat-sheet to this story: 1) Mr Roy has been held in jail for more than a year after Sahara failed to comply with a court order to refund crores of rupees it had raised in bonds deemed illegal. 2) The Supreme Court in March allowed Sahara three months to raise cash for the bail money. It had warned it could ask a receiver to auction Sahara's assets if the group fails to raise bail 3) Rs 10,000 crore is what Sahara was required to pay initially to get its chief Mr Roy released on bail. Market regulator Securities and Exchange Board of India or Sebi and the Supreme Court have estimated Sahara's total liabilities due to the illegal bonds at around Rs 36,000 crore. 4) Sahara says it has paid 95 per cent of the dues to the bondholders, but the market regulator disputes that. 5) Sahara firms had offered seemingly lucrative bonds to investors, promising, in some cases, to return three times the face value after a period of 10 years. 6) Sahara, once one of India's most high-profile firms, has in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London. 7) In its previous attempt to get bail for its chief, Sahara was close to finalising a deal with US-based Mirach Capital Group to raise money by taking a loan against its overseas hotels, but talks collapsed. 8) Mr Roy, the company's founder, styles himself "managing worker" and guardian of the world's largest family as he likes to call Sahara. Several employees have said operations across the group have been hit over the past year without him. 9) Sahara, a conglomerate whose assets range from Formula One to property and TV, had been trying to raise bail using its properties including Aamby Valley township outside Mumbai, which has luxury villas and a golf course. 10) Sahara is best known as the former main sponsor of India's national cricket team. It also co-owns the Sahara Force India Formula One auto racing team with liquor baron Vijay Mallya.

Sahara Chief Subrata Roy To Stay On In Jail: 10 Facts

NDTV Profit

NDTV Profit

Follow Us

DOWNLOAD THE APP