The Supreme Court has refused extension to Sahara Group over the re-payment of Rs 5,000 crore to Sebi as bank guarantee.
The company had asked the Apex Court for time till October 15 for the repayment to Sebi saying that they had struck a USD 6 billion deal with Qatar-based investment group Helvitica Group. However, the court refused extention stating that it was unsure of the bonafides of the Helvitica Group, reports CNBC-TV18’s Ashmit Kumar.
The deal basically would have three tranches, in the first tranche they would deposit Rs 5000 crore as bank guarantees. In the second tranche, the Helvetica Group will buy out the USD 850 million Ruben Brothers loans. Ruben Brothers are the lenders to Sahara and hold the primary charge of the three overseas hotels.
In the third tranche, the Helvetica Group as a part of Joint Venture will be investing in the Aamby Valley Group for developments of the local projects.
However, Sahara can only take heart from the fact that the Apex Court has at least acknowledged that there was a transaction in place although they did not grant their blessings to this transaction.
Meanwhile, Subrata Roy can continue in the guest house for six weeks.
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