In a relief to the Sahara group chief Subrata Roy, the Supreme Court on Monday granted him 15 working days more to finalise negotiations regarding the three hotels abroad.
A bench led by Justice T S Thakur allowed Sahara’s application while also making it clear this would be the last extension? of time and he must close the deals by the extended period.
to enable him finalise the negotiations so as to fulfill the Rs 10,000 crore bail condition.
Subrata Roy and two other directors have been allowed by the court to stay in the conference room of Delhi’s Tihar Jail, with video-conferencing facilities, so as to facilitate him negotiate with the prospective buyers of the group’s two hotels in New York and one in London. Roy was allowed to come out of his cell on the condition he would swiftly finalise the deals and deposit Rs 10,000 crore with SEBI to get bail.
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Appearing before a bench led by Justice T S Thakur, Roy’s counsel senior advocate S Ganesh sought 15 days’ more time in the wake of the sudden developments that had threatened the deals with Sultan of Brunei.
He submitted that there were huge protests outside the hotels after media reports that Sultan of Brunei was buying the properties. “Following this, there have been very violent protests outside the hotels and the buyers are reconsidering the deal which is now on the verge of being collapsed, although we are trying our best to salvage it” Ganesh told the court.
He urged the court to grant a fortnight more to hold negotiations with some other prospective buyers. “It is very unfortunate incident and it is a setback for us. It is beyond our control,” he said.
The court allowed his plea but reminded him that he would have to arrange for a lot more money once he comes out.
