The Supreme Court has delayed its verdict on supply problems conglomerate Sahara to refinance a loan key and increase fresh debt to finance at least $ 1.6 billion in bail required to release their imprisoned leader.

Chairman Subrata Roy Sahara, one of the most famous and brightest entrepreneurs in India, was held in jail in New Delhi for more than nine months old Sahara dispute with the capital markets regulator of the country.

Watchdog says Sahara, a giant conglomerate with nearly a million employees and agents are not able to pay billions of dollars involved in bonds, which were later ruled illegal.

At the hearing on Wednesday, the Supreme Court stated that tried to establish whether the proposed new debt violate the rules on how Indian companies can raise money overseas.

The court will consider the case in the next 9 January, told the judge. No official order has not been posted on the website of the court.

Mohan Keshava, the Sahara defense lawyer in the case, said separately, however, that the group was given the go ahead to pick up a second mortgage on three international hotels and Bank of China refinance loan.

It was unclear why differed from pronouncement of the court. Mohan could not be reached for further comment.

Sahara, which already has a loan of more than $ 900 million Bank of China <601988.SS> has requested court permission to take over the loan and refinance from another creditor, raising a cool $ 650 million.

Sahara's total liability is estimated at up to $ 7.4 billion by the regulator. The Supreme Court has demanded to pay $ 1.6 billion initially before granting bail to 66-year-old Roy.

The group has so far failed in its efforts to sell its hotels, including Plaza in New York and London's Grosvenor House. Sahara The court has banned the sale of the hotels at a discount of more than five percent of the market value.

Posted in: India News