Subrata Roy raises a fresh plea seeking more time for the sale of hotels
Indian business tycoon Subrata Roy who is the chief of Sahara India is in the Tihar jail for the last couple of months. The good news is that the court had allowed him to work from a high-tech office in the prison, and initiate deals with the international buyers online using skype and other mediums. Roy has requested more time to negotiate the sale of some of his luxury hotels in New York and London.
This money will be used for securing bail for him and his associates. Roy is the chairman of the Sahara conglomerate and he was initially given 10 days by the Supreme Court to talk to the potential bidders for the three luxury hotels which Roy owns. These hotels include Grosvenor House in London and the New York Plaza.
The sale of these properties was expected to raise $1.6 billion for the bail. It seems that Indian judiciary has become tech savvy as Roy has been given an office with 600 square feet (56 square metres) of space inside New Delhi’s Tihar jail complex.
He is allowed to hold video conferences, use computers and receive visitors to try to sell or mortgage the hotels in this office premises. The initial deadline for using these facilities is set to end on Aug 20, 2014. The court is yet to take a decision on the fresh plea from Roy.
Source- The Financial Express
