Monday, Apr 27, 2015

Work out a viable plan to facilitate biz talks: SC to Sahara, Tihar authorities

By: Express News Service | New Delhi | Published on:July 31, 2014 1:48 am

The Supreme Court on Wednesday asked the Sahara Group and Delhi’s Tihar jail authorities to work out a “viable” proposal to enable jailed Sahara chief Subrata Roy to step out of the lock up for facilitating business negotiations.

A bench led by Justice TS Thakur sought fine prints of the proposal, sought to be agreed upon by both the parties, by August 1, when the court is likely to pass interim order on allowing Roy to come out of his cell for negotiating with international buyers.

Roy had asked for permission to be shifted to a guest house or any other place outside the jail lock up to have business negotiations with prospective buyers of his three hotels in abroad. The money so raised shall aid the group arrange Rs 10,000 crore that must be given for securing release of Roy and two other directors from jail, where they have been incarcerated since March 4.

Appearing for the Delhi government, Solicitor General Ranjit Kumar handed out two options for Roy to step out of the cell. Senior advocates Harish Salve and KTS Tulsi, who represented Sahara, agreed on moving Roy and the directors to Tihar Court complex for striking deals.

At this, the bench, also comprising Justices Anil R Dave and A K Sikri, asked the group to deliberate with the jail authorities and adduce finer details like requirement of secretarial staff, equipments and gadgets etc that they will need to be provided with for negotiations.

The court had on July 25 asked the Delhi government to explore a venue within Tihar jail complex where Roy can hold negotiations with buyers.

Roy, who was sent to jail on March 4 this year for non-refund of over Rs 20,000 crore to depositors, has been asked by the court to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore in cash and rest of the amount in bank guarantee. The group, however, has been claiming that it has already repaid money to 93 per cent investors.

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