☰

Telecomunicaciones y tecnología

India top court sets terms for Sahara chief's release from jail


    MUMBAI (Reuters) - India's Supreme Court on Friday set fresh terms for releasing troubled conglomerate Sahara's founder Subrata Roy, jailed for more than a year in a long-running dispute over issuance of illegal bonds.

    The court said Sahara, which has assets ranging from a Formula One team to TV channels, will have to pay 360 billion rupees (£3.6 billion) in nine instalments after Roy's release from jail.

    Roy will also have to submit his passport to the court after his release on bail, the court said.

    Roy was arrested in March last year after the company failed to comply with a court order to refund money it had raised from millions of small investors by selling them bonds later ruled to be illegal.

    The court on Friday said Sahara owes as much as 360 billion rupees to the bond investors. Sahara previously said it had repaid 95 percent of the amount due to the investors.

    (This story corrects to say Sahara has to pay 360 billion rupees, not 30 billion rupees, in the second paragraph)

    (Reporting by Sankalp Phartiyal and Suchitra Mohanty; Writing; by Sumeet Chatterjee; Editing by Biju Dwarakanath)