Sahara chief seeks 15 more days from SC to sell properties

Says the almost finalised deal to sell his three luxury hotels in New York and London has hit a roadblock

Sahara Chief Subrata Roy told the Supreme Court that almost finalised deal to sell his three luxury hotels in New York and London has hit a roadblock and is on the verge of collapse and sought 15 days more time to sell the properties to raise Rs 10,000 crore to be deposited with SEBI to get bail.

Appearing before a bench headed by Justice T S Thakur, Roy's counsel submitted that there have been huge protests outside the hotels after an International newspaper published story that Sultan of Brunei is buying the properties.

A very serious problem has cropped up in the last three days after the paper reported that Sultan of Brunei is buying the properties, he said.

"Following this, there have been very violent protests outside the hotels and the buyers are "reconsidering the deal which is now on the verge of being scrapped," senior advocate S Ganesh told the court.

Although Ganesh pleaded the court for 10 days more time but the application filed by Roy mentioned that he needed 15 days more time to hold negotiations to save the deal or to talk with 3-4 other buyers who are on line to buy the properties.

"It is very unfortunate incident and it is a setback for us. It is beyond our control," he said asking the bench to consider his plea for extension of time on Monday.

"Extend the operation of the order of this court of August 1 and August 14 by a further period of 15 working days," the application said.

The court said that it will take up his plea if it is possible for the special bench, hearing his case, to assemble on that day.

The apex court had on August 1 allowed Roy and two directors of his group to use the conference room in Tihar jail complex for 10 days from August 5 to hold negotiations with potential buyers. The time period was further extended for 15 days on August 14.

It was reported that the Sultan, along with his luxury hotel operator, the Dorchester Collection, has been criticised for harsh new laws against homosexuals and adulterers in Brunei resulting in boycotts of the Beverly Hills Hotel and other properties in Europe, costing him millions of dollars revenue loss.

The Sahara chief put his hotels Dream Downtown and The Plaza in New York and Grosvenor House in London on block to sell.

Roy, 65, who has been in jail for the past six months, 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.