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Jailed New York Plaza owner to raise bail money from HSBC

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Published Mon, Mar 16, 2015 · 09:50 PM

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    New Delhi

    SAHARA India Pariwar, a financial services conglomerate, plans to raise funds from HSBC Holdings to help pay its founder's 100-billion-rupee (S$2.21 billion) bail.

    Subrata Roy-controlled Sahara group told India's top court in New Delhi on Friday that it plans to raise 50 billion rupees through bank guarantees and another 10 billion rupees in cash from HSBC, according to a plan submitted by the group's lawyer Kapil Sibal. Roy has been in a prison in New Delhi since March last year. The court has set March 23 as the date for the next hearing on the case.

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