SC asks Delhi govt to explore venue for Sahara chief for property sale
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SC asks Delhi govt to explore venue for Sahara chief for property sale

Last Updated: Friday, July 25, 2014, 15:54
 
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SC asks Delhi govt to explore venue for Sahara chief for property sale
Zee Media Bureau

New Delhi: The Supreme Court on Friday asked the Delhi govt to explore venue within Tihar jail complex where Subrata Roy can hold negotiations to sell his properties in India and abroad to raise Rs 10,000 crore to deposit with SEBI as directed to get regular bail.

The apex court bench headed by Justice T.S. Thakur, while asking the Delhi government to examine Sahara`s plea, made it clear that the facilities extended to Roy will be only for facilitating the negotiations for the sale of properties in order to comply with the directions of the court and not to extend him any comforts.

The court adjourned the hearing till Wednesday when it will take up the Delhi government`s response to Sahara`s plea.

Sahara Chief Subrata Roy yesterday moved the Supreme Court seeking its permission for shifting him from the prison cell to Tihar jail guest house situated within its premises to enable him to hold negotiations to sell his properties in India and abroad to raise Rs 10,000 crore to deposit with SEBI as directed to get regular bail.

Roy along with two senior Sahara officials -- Ashok Roy Chaudhary and Ravi Shankar Dubey are presently lodged in Tihar Jail.

The apex court on Tuesday had refused to release Roy, who has been behind bars for nearly five months, on interim bail or parole but had allowed selling of his luxury hotels in New York and London to raise money to deposit Rs 10,000 crore with SEBI as directed to get regular bail.

The apex court, however, had assured 65-year-old Roy that it will allow him to go out of jail during day time under police custody to hold negotiations with buyers to dispose of his properties.

The bench, also comprising justices Anil R Dave and A K Sikri had asked him to approach the court when there is a proposal and assured him that suitable arrangements would be made by it.

The bench, which had earlier allowed Sahara to sell nine properties in the country, permitted it to sell hotels Dream Downtown and The Plaza in New York and Grosvenor House in London.

It also appointed senior advocate Shekhar Naphade as amicus curiae to assist the court in dealing with the case in which the group is supposed to pay around Rs 37,000 crore to wind up the proceedings in the apex court.

Roy, who was sent to jail on March 4 this year for non- refund of over Rs 20,000 crore to depositors, was asked by the court to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore in cash and rest of the amount in bank guarantee.

Sahara has so far raised Rs 3,117 crore which has been deposited with the market regulator.

The group, however, has been claiming that it has already repaid money to 93 percent investors.

With agency inputs





First Published: Friday, July 25, 2014, 15:50


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