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SC allows Sahara to sell more property to raise money

| | Mar 23, 2015, at 11:49 pm
#SC allows Sahara to sell more property to raise money
New Delhi, Mar 23(IBNS) The Supreme Court on Monday gave Subrata Roy's Sahara a final chance to raise Rs 10,000 crore by selling or mortgaging it assets to evade a receiver to sell off the property.
The apex court  has given Sahara a 90-day deadline to submit a final proposal for raising cash.
 
The next hearing will be held on  August 1.
 
The court says if  Sahara fails to raise the cash "it will be left with no option but to appoint a receiver for selling your properties".
 
The Supreme Court has also allowed  Roy to use a high-tech office in Tihar jail premises for negotiations and wrapping up a deal.
 
Sahara has also been allowed to sell 10 more properties across India to raise more money .
 
The Sahara chief has been in jail for more than a year for failing to refund billions of dollars to investors in a bond programme.
 
His company has made  several, failed attempts to raise the money to free  him on bail.

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