Sahara gets 10 days to negotiate sale of overseas property
Moneylife Digital Team 01 August 2014

Sahara group's jailed chief Subrata Roy would stay in a conference hall at Tihar Jail complex for 10 working days from 5th August and negotiate with prospective buyers the sale of the group's assets in London and New York


The Supreme Court on Friday gave 10 working days from 5th August to Sahara group chief Subrata Roy to negotiate the sale of the group's offshore property from a conference room in Tihar Jail.


The apex court also allowed Roy to stay in a conference hall in the Tihar jail complex for ten working days to negotiate with prospective buyers of the group's assets.


The Court issued direction to the Delhi government to notify the conference hall as 'jail' so that daily movements between barracks and the conference hall would not be required and negotiations could be done beyond 8pm, the official lock-in time of the jail.


Meanwhile, SEBI counsel Arvind Datar raised concerns over the swelling dues of Sahara group. He said, as per the Supreme Court's order in August 2012, two Sahara group companies were to refund Rs24,029 crore with 15% interest, which has now gone to over Rs39,000 crore. "Please ask them (Sahara) to submit a plan when they are selling and what," Datar requested to the Bench.


"SEBI's concern is legitimate," Justice TS Thakur said, adding, "the bail, when it materialises would be interim and if the remaining sum is not paid within reasonable time, the accused may have to return to jail."


On Wednesday, the apex court allowed Roy, who has been in jail for the last five months, to use the conference room in Tihar jail complex for negotiation with potential buyers of his luxury hotels in New York and London to raise Rs10,000 crore to get regular bail.


Tihar jail authorities suggested that Roy can hold consultations either in the conference room or the guest house within the jail complex with a condition that people would be allowed to come inside jail only between 6am to 8pm and internet connection would be provided by it.


Opting for the option of a conference hall in the Tihar jail court complex, senior counsel Harish Salve, appearing for Roy, had expressed some difficulty with the lock out time of 6am and lock in time of 8pm because it did not facilitate negotiations with buyers or lenders in New York.

Free Helpline
Legal Credit