The Supreme Court on Thursday extended by another 15 days the stay of Mr. Roy and two other Directors in the conference room of the Tihar jail court complex to facilitate completion of the negotiations for rapping up the deal.
A three-judge Bench of Justices T.S. Thakur, Anil R. Dave and A.K. Sikri extended the stay after counsel for Sahara Chief Subrata Roy informed the Court that negotiations through video conferencing with foreign buyers for purchase of off-shore properties were in an advanced stage of finalisation
Justice T.S. Thakur, however, made it clear to senior counsel S. Ganesh, appearing for the three contemnors who are in jail from March 4, that no more extension would be granted and that the deal should be completed within the extended period.
Justice Thakur also told the counsel “the moment you (Mr. Roy) come out after complying with our order imposing Rs. 10,000 crore bail bond, viz. Rs. 5,000 crores by way of cash and Rs. 5,000 crores through bank guarantee, you should take steps for mobilising the balance amount.”
Earlier Mr. Ganesh informed the court that in the last 10 days, by utilising the facilities made available to the detenus, a considerable progress had been made in relation to negotiations on the three overseas properties and for furnishing the bank guarantee. They had also negotiated for mortgaging the Ambi Valley property in India. They were able to get bank guarantee for a foreign bank to the tune of 850 million dollars, approximately Rs. 5,000 crores.
He said in-principle agreement had been entered with the prospective buyers and one property was being negotiated at 46 per cent over and above the value prescribed by Bank of China which had advanced loans against these three properties.
He said various legal compliances and procedural requirements had to be carried out in order to bring the said transactions to fruition. There would be length discussions/negotiations on the terms of the draft documents which would be prepared by lawyers on both sides in consultation with the parties and exchanged between them. Hence he sought another 15 days time to complete the process and for complying with the order to come out on bail.
