The
Saharas had filed applications seeking permission of the Hon’ble Supreme Court
for taking over of the loan of Bank of China relating to three foreign
properties. The Saharas will also be raising a loan of US$650 million on the
foreign properties for being utilized for the payment in SEBI-Sahara Refund
Account in compliance of the order dated 26.3.2014.
The
court, on the insistence of SEBI, has asked Saharas to show the ESCROW agreement
with respect to the junior loan of US$650 million and once SEBI gives a no
objection and the money is transferred in the ESCROW account, the Hon’ble Court
will permit the taking over of the loan from Bank of China and raising of the
junior loan.
The
Hon’ble Supreme Court was also shown the agreements of sale with respect to
domestic properties. The SEBI, however, has sought time to submit its response
regarding the proposed sale of domestic properties at Chomma, Jodhpur, Vasai
and Pune.
The
Saharas have demonstrated that in addition to Rs 3,117 crore already
deposited, the balance amount for compliance of the order dated 26.3.2014 have
been arranged and once necessary permissions are granted by the court, the
money will reach SEBI in a phased manner. The Hon’ble Supreme Court has now
listed the matter for Tuesday, 2nd December 2014.
Gautam Awasthi
Advocate
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