Sahara Chief Gets 15 More Days to Negotiate Deals from Hi-Tech Office in Jail
The Supreme Court on Monday extended Sahara chief Subrata Roy's stay at the Tihar Jail conference hall facility by 15 days.
Sahara chief's lawyer had earlier requested the court to extend Mr Roy's stay as negotiations for sale of overseas hotels are at a crucial stage and the deal is likely to get fetch around Rs 1,800 crore.
The Supreme Court had earlier allowed Sahara chief to use the conference hall in Tihar jail premises for negotiations till September 9.
Mr Roy was initially given 10 days by the Supreme Court to talk to potential bidders for three hotels, including Grosvenor House in London and the New York Plaza, to raise Rs 10,000 crore for bail. Thereafter, the court had extended his stay at the high-tech office in Tihar jail premises by 15 days on his request.
Mr Roy has been given an office with 600 sq ft of space inside New Delhi's Tihar jail complex, where he can hold video conferences, use computers and receive visitors to try to sell or mortgage the hotels.
Mr Roy was jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog Sebi (Securities and Exchange Board of India) over the company's failure to repay crores to investors who were sold outlawed bonds.
He is yet to be charged over the dispute and denies any wrongdoing. (With Agency Inputs)
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