Parole rejected for Roy: SC approves the sale of hotels in New York and London
The Apex court on Tuesday refused to release Sahara chief Subrata Roy on bail or parole. Earlier it was sought at the Supreme Court (SC) by the lawyers defending Roy that he should be released on parole for 40 days so that he can sell the overseas properties in London and New York and pay off the bail amount. However the SC had directed the Sahara group to sell the Indian properties and was speculating to allow Roy to use Skype to talk to the investors via the electronic medium.
The good news is that finally the court has allowed Sahara to sell or mortgage its luxury hotels in New York and London. This will be done to raise money to deposit Rs. 10,000 crore with SEBI as directed to get a regular bail for Roy and 2 other associates. The bench allowed Sahara to sell nine properties in the country along with the hotels Dream Downtown and The Plaza in New York and Grosvenor House in London.
Even though Roy will not be released completely on parole, the court has allowed Roy to hold negotiations to sell properties in police custody whenever and wherever he likes. The SC directive also mentioned that Roy would be allowed to hold negotiations with the clients outside the jail between 10 am and 4 pm under police custody.
The bench, also comprising justices Anil R. Dave and A.K. Sikri asked the 65-year-old Mr. Roy to approach the court when there is a proposal and assured him that suitable arrangements would be made by it.
Source- The Hindu Business Line
Crime, law and justice, Sahara, Sahara financial crisis, Sahara India Parivar, Subrata Roy, Supreme Court, trials
