Millennium Post

SC okays Sahara’s foreign loan transactions plea

However, the apex court put conditions including the approval of RBI for the transfer to India the funds raised in the US to meet the requirement set for release of Roy, who is lodged in Tihar jail for over nine months for non-refund of over Rs 20,000 crore with interest to depositors.

The apex court, which had asked 65-year-old Roy to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore should be paid in cash and rest in bank guarantee, on Friday extended its August 1 order for conference facility for him in Tihar jail to work out details of transaction till February 20. A Bench headed by Justice T S Thakur passed the order after market regulator SEBI and senior advocate Shekhar Naphade, who is assisting the court as an amicus curiae, agreed with the plea of Sahara that “there was no risk for the court in allowing the transaction for the loan”.

“In the circumstances and keeping in view the submissions of counsel for SEBI and amicus curiae and other safeguards, there is no reason why we do not allow the prayers,” the bench, also comprising Justices A R Dave and A K Sikri, said while making it clear that permission for transaction of loans would be subject to certain conditions.
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