In today’s hearing, the Hon'ble Supreme Court
with a view to enable Saharas to raise money for fulfilling the bail condition,
allowed the prayer of Saharas for taking over of the Bank of China loan on
foreign Hotels by another creditor and it also permitted the raising of US $
650 Million junior loan on second charge basis. Though, there is no requirement
of RBI approval under the FEMA Regulations in the concerned transaction, yet on
the objections of Amicus and SEBI Counsel, the Hon'ble Court has directed
Saharas to seek RBI clarification, if its approval is needed at all or not. The
Hon'ble Court made it clear that it has not expressed any opinion on the
subject. In effect, the transactions can be taken forward till the point of
parking the money in the accounts of Ambey Valley Mauritius Ltd., a 100%
subsidiary of Ambey Valley Ltd. The Hon’ble Supreme Court also took note
of the fact that the required money for the transactions is already available
in the account of creditors which was certified by Bank of
America. Further, with a view to give flexibility to the Saharas in
expeditiously completing the above-mentioned transactions, the Hon'ble Court
was also pleased to grant the facilities of housing to Saharasree and other two
directors in a separate premises with the facilities of video conferencing
telecommunication, Secretarial assistance, etc. which were earlier granted vide
order dated 1st August, 2014. These facilities would be available
till 20.02.2015.
Further, the Hon'ble Court has asked SEBI to
explain the expenses it is stated to have incurred for disbursing Rs.2 Crore to
investors. The SEBI wanted the approval of the Court on its expenditure of
Rs.48 Crore for disbursing an amount of Rs.2 Crore to investors. The Hon'ble
Court has granted liberty to Saharas for filing its objections on the
expenditure incurred by the SEBI which will ultimately be borne by the Saharas.
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