Sahara Group chief, Subrata Roy could be on his way out of prison after the company issued a statement on Friday saying it has sought the Supreme Court’s permission to accept a loan from the Bank Of China against three of its proprieties in New York and London.
Roy and two Sahara directors were sent to prison in March 2014 for not refunding Rs.20,000 crore of investors’ money. According to The Economic Times, the company said it would be raising a loan of $650 million against Dream Downtown and The Plaza in New York and Grosvenor House in London.
The company has been trying to sell these properties but, according to company sources, was getting a “pittance” as the word had spread that it was a distress sale. The Chinese bank has reportedly agreed to give the loan against the above properties.