 "Stage being set for Subrata Roy's deal from Tihar jail")
The Supreme Court (SC) on Wednesday asked the Sahara group to discuss with jail officials in New Delhi and come up with a mutually acceptable proposition for group chief Subrata Roy’s negotiations with foreign buyers. If all goes well, the jailed chief could soon be having a video conference with global funds and other high-profile international buyers interested in London’s Grosvenor House and New York’s Plaza hotel, which the group intends to sell.
In an unprecedented move, the Delhi government has agreed to provide Roy negotiation facilities in the central prison, Tihar, where he’s being held, to enable the sale of his properties, including these hotels, to meet his obligations towards the Securities and exchange Board of India. The court directed the parties to present on Friday a detailed proposal, including the exact number of equipment, staff and time period for which these are required. The directions came after Sahara counsel Harish Salve pointed to some practical difficulties in negotiations over video conference with buyers in Los Angeles on the west coast of America, due to differences in time zones. According to the proposal from the government, Roy was allowed to be outside his cell in the special negotiation facilities between 6 am and 8 pm. Salve said a fund based in Los Angeles was a prospective buyer and due to the 12 hours and 30 minutes time difference, “it may have to go beyond 8 pm”.
The Sahara counsel added a similar relaxation might also be required for negotiations with buyers in New York. He added, "There is a sense of distress. He doesn't want somebody to benefit out of this distress.”
Earlier, the Delhi government offered two locations within the jail complex for Roy to choose from. One was a 80 ft x 30 ft conference room attached to the Tihar court complex. The other was an out-house, more of a residential facility. Kumar said Sahara had to provide the list of visitors in advance to the jail superintendent. These details will be kept confidential, he said. Mobile phones and other gadgets will be allowed inside the negotiation room, the jail would arrange WiFi facilities and vegetarian food on payment by the detenues.
Salve said he was happy with the proposals and would choose the conference room.
The SC had sent Roy to jail in March, to enforce its August 2012 order for two group firms to deposit with the capital markets regulator a sum of Rs 24,029 crore raised from 29.6 million investors, with interest. Sahara deposited Rs 5,120 crore and claimed to have refunded the rest to investors directly but the court has refused to entertain this argument. The dues have since swelled to Rs 37,000 crore, along with interest.
The court has given Roy a conditional bail requiring payment of Rs 10,000 crore- one half in cash and the other half in the form of a bank guarantee. The group has deposited a further Rs 3,100 crore in cash so far.
In an unprecedented move, the Delhi government has agreed to provide Roy negotiation facilities in the central prison, Tihar, where he’s being held, to enable the sale of his properties, including these hotels, to meet his obligations towards the Securities and exchange Board of India. The court directed the parties to present on Friday a detailed proposal, including the exact number of equipment, staff and time period for which these are required. The directions came after Sahara counsel Harish Salve pointed to some practical difficulties in negotiations over video conference with buyers in Los Angeles on the west coast of America, due to differences in time zones. According to the proposal from the government, Roy was allowed to be outside his cell in the special negotiation facilities between 6 am and 8 pm. Salve said a fund based in Los Angeles was a prospective buyer and due to the 12 hours and 30 minutes time difference, “it may have to go beyond 8 pm”.
The Sahara counsel added a similar relaxation might also be required for negotiations with buyers in New York. He added, "There is a sense of distress. He doesn't want somebody to benefit out of this distress.”
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The city government, represented by Solicitor General Ranjit Kumar, said movement of detenues outside the lock-in and lock-out timings would not be permissible. He also noted that the secretaries being allowed for Roy cannot stay back in the prison premises after 8 pm.
Earlier, the Delhi government offered two locations within the jail complex for Roy to choose from. One was a 80 ft x 30 ft conference room attached to the Tihar court complex. The other was an out-house, more of a residential facility. Kumar said Sahara had to provide the list of visitors in advance to the jail superintendent. These details will be kept confidential, he said. Mobile phones and other gadgets will be allowed inside the negotiation room, the jail would arrange WiFi facilities and vegetarian food on payment by the detenues.
Salve said he was happy with the proposals and would choose the conference room.
The SC had sent Roy to jail in March, to enforce its August 2012 order for two group firms to deposit with the capital markets regulator a sum of Rs 24,029 crore raised from 29.6 million investors, with interest. Sahara deposited Rs 5,120 crore and claimed to have refunded the rest to investors directly but the court has refused to entertain this argument. The dues have since swelled to Rs 37,000 crore, along with interest.
The court has given Roy a conditional bail requiring payment of Rs 10,000 crore- one half in cash and the other half in the form of a bank guarantee. The group has deposited a further Rs 3,100 crore in cash so far.