SC grants extension of deadline to Roy for selling the hotels
There is some good news for the debt laden Sahara group. Its chief Subrata Roy and other top officials are in the Tihar jail since March and the Supreme Court had allowed Roy to set up a tech savvy office within the premises of Tihar jail where he could hold meetings with the proposed buyers.
The Supreme Court on Thursday gave the jailed Sahara group chief Subrata Roy an extension to complete the talks to sell the group’s overseas properties. The money earned from this deal will be used as a bail amount which has been set at Rs.10,000 crore which will entail the release of Sahara Chief and his other executives.
Roy, who has been negotiating with bidders from a makeshift deal room in Tihar jail, which is equipped with video conferencing and skype facilities, breathed a sigh of relief after hearing this. Roy stated that the Sahara group is struck an in-principle agreement with a foreign buyer for the sale of three luxury hotels. These 3 luxury hotels include the Grosvenor House in London and the Plaza and Dream Downtown in New York.
Roy’s lawyer S. Ganesh also said the group had an in-principle approval from a foreign bank for a bank guarantee of $850 million (Rs.5,180 crore). This was managed through a tie-up with an Indian bank.
Source- Mint
