The Supreme Court on Tuesday refused to grant bail to Sahara chief, Subrata Roy, for 40 days to negotiate with prospective buyers for the three hotels his company owns abroad.
Mr. Roy has been in Tihar Jail since March 4 and this is the fourth time his bail has been rejected. The court had earlier rejected a plea for keeping Mr. Roy under house arrest to facilitate negotiations with buyers. In today’s order, a three-judge Bench of Justices T.S. Thakur, Anil R Dave and A.K. Sikri, however permitted the sale of the three hotels — Dream Downtown and The Plaza in New York and Grosvenor House in London — towards mobilising Rs. 10,000 crore for executing Mr. Roy’s bail bond for his release from jail.
If the Sahara group came up with a “concrete proposal” it would allow Mr. Roy to negotiate his business deals through video-conferencing from a guest house in New Delhi between 10 am and 4 p.m., the court said.
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