SC grants 15-day reprieve to Subrata Roy to sell NY, London hotels
On Monday, September 8, a reprieve of 15 more working days was granted by the Supreme Court to the jailed Sahara chief, Subrata Roy.
With Roy required to raise an amount of Rs. 10,000 crore to secure his bail, the reprieve has been granted by the SC to give him the time to seal the agreements pertaining to the sale of his three luxury hotels in New York and London.
According to the SC bench headed by Justice TS Thakur, the decision to grant reprieve to Roy comes after observations that efforts are apparently underway to finalize the sales deals. The additional 15 working days period has been granted to Roy by the SC bench after it went through the documents including the in-principle master agreement with the potential buyer.
However, as per Subrata Roy’s senior counsel S Ganesh, a serious problem has cropped up with regard to the deal struck for the New York hotel. Ganesh has revealed that the deal has been affected by the US media’s sensationalising of a report which alleged that the deal has been struck with a South-east Asian sovereign that follows Sharia law and stones gay people to death.
Noting that “the subsequent inalienable situation has hit us hard and the buyer developed cold feet,” Ganesh said that there have been violent demonstrations outside the hotels, and the buyers are “reconsidering the deal which is now on the verge of being scrapped. We are in an unenviable situation.”
Source – The Financial Express
