The larger of the two firms, which raised around Rs 24,02973 crore ($3 billion), showed $1.7 billion of inventories in its 2011 balance sheet.
In addition, the firm has invested $1.4 billion in unlisted Sahara group companies.
Even if the cash is recovered, there's still the tricky question of why such a huge mobilisation of funds was allowed to take place.
The authorities missed opportunities to intervene before the money was raised.
Image: A cosy club. UP strongman and then Chief Minister UP Mulayam Singh Yadav (Centre) seen with Subroto Roy (Right), Samajwadi Party General Secretary Amar Singh (2-Left) and Anil Ambani (Left) see together in this 2004 file photo.
AFP Images
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