SC gives Roy 15 more days to sell hotels abroad
Sahara chief Subrata Roy.
NEW
DELHI: The Supreme Court on Monday gave Sahara chief Subrata Roy a last
chance to sell three hotels abroad by extending his stay in the
makeshift office room inside Tihar Jail by 15 more days but clarified
that "he stays inside as long as he does not deposit Rs 10,000 crore".
Roy and two other directors, detained in Tihar since March 4, were
granted interim bail on March 26, provided they deposited Rs 5,000 crore
in cash and Rs 5,000 crore in bank guarantee.
Sahara have deposited Rs 3,117 crore in cash.
Sahara had told the court on August 14 that the deal to sell three hotels - Grosvenor House in London and Plaza and Dream Downtown in New York - were clinched. But on Monday, it explained how a news report by a foreign website spoiled the deal by sparking violent protests against the sale to a royal figure of a sultanate, which practiced Shariat law.
Senior advocate S Ganesh also mentioned that given the deal almost reaching the verge of cancellation, Bank of China (BoC), which had advanced loan to Sahara for purchase of the hotels, had threatened to take over the properties. "We have managed to hang on to the original sale agreement and saved it from cancellation and thus averted BoC's oral threat to take over the hotels," he said. The counsel said Sahara had lined up four more potential foreign buyers but the negotiations were at a nascent stage.
When the bench of Justices T S Thakur, A R Dave and A K Sikri questioned Roy's seriousness to get out of jail, Ganesh said, "We have to get him out. The business is on the verge of collapse and its needs oxygen in the shape of Roy. It was his stature and personality that saved the deal (sale of hotels) from cancellation."
But, the bench said when request for extension of the facilities at Tihar Jail was made on August 14, Roy had said he would not seek any more extension. "If freedom is so dear to you, you would not be dragging your feet. You would not have been sitting pretty and counting your pennies. What prevents you from telling next time that sorry BoC has taken over the property," it said.
"If you (Roy and Sahara) are finding it difficult to arrange for Rs 10,000 crore to come out of jail, how will you manage the remaining Rs 20,000 crore," the bench asked. Solicitor general Ranjit Kumar, appearing for the prison authorities, said jail officials had no clue about what Roy and his team were doing behind closed doors.
But, Ganesh and advocates Keshav Mohan and Gaurav Kejriwal handed over the final agreement for sale of hotels signed with the head of a foreign country to the court, which kept it with the court records. This handing over of the agreement enabled Sahara to convince the court to give Roy another opportunity. It allowed Roy and the two directors, who are detained along with him since March 4, to stay and use video-conferencing facilities in the conference room for 15 more days.
Sahara have deposited Rs 3,117 crore in cash.
Sahara had told the court on August 14 that the deal to sell three hotels - Grosvenor House in London and Plaza and Dream Downtown in New York - were clinched. But on Monday, it explained how a news report by a foreign website spoiled the deal by sparking violent protests against the sale to a royal figure of a sultanate, which practiced Shariat law.
Senior advocate S Ganesh also mentioned that given the deal almost reaching the verge of cancellation, Bank of China (BoC), which had advanced loan to Sahara for purchase of the hotels, had threatened to take over the properties. "We have managed to hang on to the original sale agreement and saved it from cancellation and thus averted BoC's oral threat to take over the hotels," he said. The counsel said Sahara had lined up four more potential foreign buyers but the negotiations were at a nascent stage.
When the bench of Justices T S Thakur, A R Dave and A K Sikri questioned Roy's seriousness to get out of jail, Ganesh said, "We have to get him out. The business is on the verge of collapse and its needs oxygen in the shape of Roy. It was his stature and personality that saved the deal (sale of hotels) from cancellation."
But, the bench said when request for extension of the facilities at Tihar Jail was made on August 14, Roy had said he would not seek any more extension. "If freedom is so dear to you, you would not be dragging your feet. You would not have been sitting pretty and counting your pennies. What prevents you from telling next time that sorry BoC has taken over the property," it said.
"If you (Roy and Sahara) are finding it difficult to arrange for Rs 10,000 crore to come out of jail, how will you manage the remaining Rs 20,000 crore," the bench asked. Solicitor general Ranjit Kumar, appearing for the prison authorities, said jail officials had no clue about what Roy and his team were doing behind closed doors.
But, Ganesh and advocates Keshav Mohan and Gaurav Kejriwal handed over the final agreement for sale of hotels signed with the head of a foreign country to the court, which kept it with the court records. This handing over of the agreement enabled Sahara to convince the court to give Roy another opportunity. It allowed Roy and the two directors, who are detained along with him since March 4, to stay and use video-conferencing facilities in the conference room for 15 more days.
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