SC allows Sahara chief Subrata Roy to hold talks to sell properties

New Delhi: The Supreme Court on Wednesday allowed Sahara chief Subrata Roy, who has been in jail for the last five months, to use conference room in Tihar jail complex for negotiation with potential buyers of his luxury hotels in New York and London to raise Rs 10,000 crore to get regular bail.

A bench headed by Justice TS Thakur asked 65-year old Roy to give details of the gadgets, like phone and computer, needed by him to get in touch with buyers from overseas. The court posted the case for passing order on August 1 after Roy gives details of things which he needed for holding negotiations.

The NCT government suggested that Roy can hold consultations either in the conference room or the guest house within the jail complex with a condition that people would be allowed to come inside jail only between 6 am to 8 pm and internet connection would be provided by it.

The apex court had on July 25 asked the Delhi government to explore a venue within Tihar jail complex where Subrata Roy can hold negotiations with buyers. Roy had pleaded that he was committed to follow apex court's direction and sought its permission for shifting to Tihar jail guest house for a week to enable him to hold negotiations to sell his properties in India and abroad to raise Rs 10,000 crore to get regular bail.

The apex court had earlier refused to release Roy on interim bail or parole but had allowed selling of his luxury hotels in New York and London to raise money to deposit Rs 10,000 crore with SEBI as directed to get regular bail. It had also appointed senior advocate Shekhar Naphade as amicus curiae to assist the court in dealing with the case in which the group is supposed to pay around Rs 37,000 crore to wind up the proceedings in the apex court.

Roy, who was sent to jail on March 4 this year for non-refund of over Rs 20,000 crore to depositors, was asked by the court to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore in cash and rest of the amount in bank guarantee.

Sahara has so far raised Rs 3,117 crore which has been deposited with the market regulator. The group, however, has been claiming that it has already repaid money to 93 per cent investors.