SC gives Sahara 15 days more to sell int’l assets

The Supreme Court on Monday granted 15 more working days to jailed Sahara chief Subrata Roy for finalising a deal to sell his international assets — three luxury hotels in New York and London — in order to raise money to be deposited with market regulator Securities and Exchange Board of India to get bail.

The Supreme Court on Monday granted 15 more working days to jailed Sahara chief Subrata Roy for finalising a deal to sell his international assets — three luxury hotels in New York and London — in order to raise money to be deposited with market regulator Securities and Exchange Board of India to get bail.

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Roy’s counsel senior advocate S Ganesh told a special bench headed by justice TS Thakur submitted that the negotiations had hit a roadblock and was on the verge of collapse. He sought more time to save the deal and hold talks with other overseas buyers keen to purchase the properties. “We are of the view that the prayer for grant of 15-days time to finalise the sale of assets deserves to be granted,” the bench said.

According to reports, the Sultan of Brunei had offered $2 billion to buy the properties but talks failed after large-scale protests.

The apex court had on August 1 allowed Roy and his group’s two directors to use the conference room in Tihar jail for 10 days from August 5. Later it extended the time period by another 15 days, which ends on September 9.