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Sahara offers to sell off overseas hotels, part of Aamby Valley but SC rejects Roy’s new bail plea

19 May, 2014

Sahara Group is looking to sell off some of its prime properties, including Grosvenor House, New York Plaza and Dream New York, and a few other ones from Aamby Valley to raise money to seek bail of the group chief Subrata Roy.

Sahara has also submitted the valuation reports of properties concerned and said that Supreme Court can appoint a senior SEBI official to oversee the process.

However, the apex court has once again rejected the bail plea for Roy and said it would not be in the spirit of the matter to release Roy before the actual payment.

Besides, the new bench of the Supreme Court also refused a plea of Sahara Group to change Roy’s custody into house arrest in Lucknow for now, instead of Tihar Jail.

The 65-year-old Sahara chief has been in jail since March 4 for not refunding over Rs 20,000 crore to depositors. The money was raised through public deposits by a real estate arm of the privately held group, which was later ruled illegal by securities market regulator SEBI.

The counsels of Sahara had submitted a fresh approval seeking release of Roy. In the proposal, they suggested defreezing the banks accounts and properties and said Sahara will submit Rs 2,000 crore in cash from its bank accounts within seven days and will raise money by selling properties in another 60 days.

In the document, it showed that it has around Rs 2,600 crore in bank accounts.

However, the apex court bench denied his bail saying that the group should submit a concrete proposal by next week to pay Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee. 

The bench has also asked the group to come up with a proposal which is logical and acceptable on payment of Rs 10,000 crore for release of Roy.

(Edited by Joby Puthuparampil Johnson)


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Sahara offers to sell off overseas hotels, part of Aamby Valley but SC rejects Roy’s new bail plea

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