The Supreme Court Tuesday turned down Sahara Group chairman Subrata Roy's plea for release on 40 days parole to arrange the sale of three overseas hotels to generate Rs.10,000 crore as part payment of investors' money that were raised by its two companies.
Mobilising Rs.10,000 crore for part payment of investors money is also a condition of Roy and two directors being released on bail.
A bench of Justice T.S. Thakur, Justice Anil R. Dave and Justice A.K. Sikri said that in case a concrete proposal came before the court regarding the sale of the overseas property, then it would examine it and permit Roy to be released from 10 a.m. to 4 p.m. to undertake the negotiations for sale of overseas properties.
Soon after the pronouncement of the order by Justice Thakur, senior counsel Rajiv Dhawan appearing for Roy told the court that he was "deeply pained" by its order.
"I am really astonished by the order and deeply pained" that the court continues to take "so strict a view after so many months of incarceration", he said.
At this, Justice Thakur retorted: "Your astonishment that started with the earlier bench (Justice K.S. Radhakrishnan - since retired - and Justice Jagdish Singh Khehar) and continues. We are not sitting in an appeal. Had it been so we would have reduced your astonishment."
The apex court had July 4 reserved its order on Roy's plea seeking the court's nod for selling three overseas hotels located in New York and London to generate Rs.10,000 crore and also for his release on 40 days parole to put through the international transaction. This is the fourth time in this year that the apex court has declined Roy's plea to be released on bail.
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Sahara's three overseas assets included its three hotels - Grosvenor House Hotel in London and the New York Plaza and Dream New York hotels in New York.
Roy and two other directors Dubey and Choudhary are in custody since March 4 for the failure of two group companies Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to comply with the apex court's Aug 31, 2012, and Dec 5, 2012, order to return investors' money, which in 2012 was Rs. 24,000 crore.