Supreme Court allows Sahara to raise loan for boss’s bail

NEW DELHI (Reuters) – The Supreme Court has cleared the way for embattled conglomerate Sahara to raise $1.05 billion in fresh loans backed by its overseas hotels, helping the group to fund the bail it needs to release its jailed boss. Sahara Chairman Subrata Roy, one of India's best-known businessmen, has been held in a New Delhi jail for more than 10 months over the group's failure to comply with a court order to refund billions of dollars to investors in outlawed bonds. The Supreme Court in March last year asked the group to pay bail of $1.6 billion to secure Roy's release. …