NEW DELHI (Reuters) - The Supreme Court has cleared the way for embattled conglomerate Sahara to raise fresh loans totalling $1.05 billion using its overseas hotels, helping the group to fund the bail payment needed to release its jailed boss.
The Supreme Court has set conditions on the fund raising, however, and on Friday asked Sahara to obtain necessary approvals from the Reserve Bank of India and other authorities to comply with foreign exchange rules.
Ruling on Sahara's plea, the court also permitted the group's chairman Subrata Roy to use a makeshift office inside the jail premises, with facilities such as phones and computers, from Jan. 12 to Feb. 20.
(Reporting by Suchitra Mohanty; Editing by Clara Ferreira Marques)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app