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SC allows Sahara group's proposed loan transaction from abroad for raising funds

In a relief for Subrata Roy, the Supreme Court on Friday allowed the Sahara Group to go ahead with its proposed loan transaction from abroad for raising funds to ensure release of Subrata Roy from jail.

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Updated:January 9, 2015, 3:49 PM IST
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SC allows Sahara group's proposed loan transaction from abroad for raising funds
In a relief for Subrata Roy, the Supreme Court on Friday allowed the Sahara Group to go ahead with its proposed loan transaction from abroad for raising funds to ensure release of Subrata Roy from jail.

New Delhi: In a relief for Subrata Roy, the Supreme Court on Friday allowed the Sahara Group to go ahead with its proposed loan transaction from abroad for raising funds to ensure release of Subrata Roy from jail.

As per court's directions Sahara Group will have to seek permission from Reserve Bank of India for transfer of money to India from abroad. Adding to the order the apex court extended conference facility for Subrata Roy in Tihar jail to deal with the nitty-gritty of transactions.

The Sahara Group chief Subrata Roy was taken into custody March 4 2014 for non-compliance of August 31, 2012, order to return investors' money that Sahara's two real estate companies - Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL)- had collected through optionally fully-convertible debentures (OFCDs) in 2008-2009.

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