Subrata Roy to be provided with AC conference room at Tihar Jail once again; Sahara sells assets to raise money for chief's bail

To complete negotiations for raising funds for his bail, Sahara chief Subrata Roy has once again been provided with an AC conference room with services like internet and video-conferencing at the Tihar prison.

Roy would be back in the five-star state-of-the-art conference facility in Delhi's Tihar jail as per a Supreme Court order.

Earlier, Roy had stayed in the special facility for a total period of 57 days with his two directors Ashok Roy Choudhary and Ravi Shankar Dubey from August 5 to September 30.

Sahara group had then paid Rs 31 lakh to Tihar jail as charges for the facility.

However, as per the new order of apex court, Roy will stay in the 'special court' till February 20.

Roy's stenographer, secretarial assistants and one technical assistant have been allowed to help him during the permitted time slot from 6 AM to 8 PM on the working days.

All the meetings that will be held at the conference room will be under surveillance of CCTV cameras.

As per the reports, Roy has also been allowed two laptops, two desktops, landline phones and one mobile phone.

Mirach Capital, a Miami-based NRI family-owned debt fund, will invest about 2 billion dollars (about Rs 12,400 crore) in the Subrata Roy-led Sahara group.

The investment is likely to pave way for Roy's bail, who has been in jail for more than 10 months.

As per the reports, the company plans to use about half of this amount (about Rs 6,800 crore) to pay for a part of Roy's bail.

With the rest (about Rs 5,600 crore) it plans to pay off the group's outstanding loans to Bank of China, which it had taken to fund the acquisition of marquee international hotels between 2010 and 2012.

The court has asked Roy to deposit Rs 10,000 crore as a condition for release.

About Subrata Roy's arrest and imprisonment:

On February 26, 2014, the Supreme Court of India ordered the arrest of Subrata Roy for failing to appear before it in connection with the Rs 24,000 crore deposits his company has not refunded to investors.

He was eventually arrested on February 28, 2014 by Uttar Pradesh police on Supreme Court's warrant, in a dispute with Market Regulator - SEBI.

In a statement after the arrest, his lawyer said that Roy's 92-year-old mother was in poor health and needed 'her eldest son' by her side, and hence he failed to appear at the court.

As he has failed to appear in court during the ongoing legal battle, Roy has been in custody in the Tihar Jail, Delhi, since March 4, 2014 and his bail plea has been rejected by the Supreme Court of India.

Sahara was allowed to sell a part of its assets in India to raise part of the money in question.

He was granted interim bail by Supreme Court of India for the same on March 26, 2014 on condition of depositing Rs 10,000 crore with the market regulator Sebi.

His deposit of 10,000 crore has not been made and Roy is still in jail.

As of August 2014, Roy is trying to sell some of his hotel properties to raise enough money.