Sahara chief Subrata Roy inching closer to walk free

Photo: Times Of India

According to the latest reports, Sahara chief Subrata Roy is inching closer to get released on bail from Tihar jail as Mirach Capital, a Miami-based NRI firm agrees to invest $2 billion (about Rs. 12,400 crore) in the group.

Roy, who has been in Tihar jail since March last year, has asked by the Supreme Court to deposit Rs. 10,000 crore as a condition for release. The market regulator Securities Exchange Board of India (Sebi) has ordered Roy to repay more than Rs. 20,000 crore to millions of investors.

Sahara plans to use the money to pay Roy’s bail as well as to pay a part of outstanding loans to Bank of China, the rest amount (about Rs. 5,556 crore) would be paid by Mirach as a part of deal.

Mirach is said to invest in Sahara’s international hotels including Grosvenor House in London, Plaza Hotel and Hotel Dream Down Town in New York, as well as in hotels in India including Sahara Star Hotels and Aamby Valley Hospitality.

(With Additional Input from Hindustan Times)

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About Neha Chandra

Neha Chandra reports on the international affairs as well as she writes on military issues and national security.