SC could allow Subrata Roy to conduct asset sale talks

Tags: News
The jailed chairman of conglomerate Sahara, Subrata Roy, could be allowed to take part in talks over group asset sales to repay investors sold bonds that were later ruled to be illegal, the company said after he was again denied bail on Tuesday.

Subrata Roy has been in a Delhi jail since March 4 after failing to appear at a contempt hearing in his group's legal battle with the Securities and Exchange Board of India (SEBI) over the company's failure to repay investors who bought the outlawed bonds.

Sahara, the assets of which include the landmark Plaza hotel in New York and Grosvenor House in London, has offered to sell its three overseas hotels to meet the payment demands and is also planning to sell some real estate assets within India.

The company said in a statement that the Supreme Court on Tuesday lifted a freeze on its overseas properties and allowed the group to hold talks for selling or mortgaging these properties.

Though the country's top court again denied Roy bail, Sahara said that, in the event of the submission of a concrete proposal of such mortgage or sale deal, the court said it "will consider the case and pass an order so that he (Roy) can meet with the buyer on certain conditions".

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • For those who are left to survive a war-torn world, let there be peace

    The hunger games have begun, and they have started reaping our children. There is no way around it.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture