Sahara chief seeks 15 more days from SC to sell hotels

Appearing before a bench led by Justice TS Thakur, Roy’s counsel senior advocate S Ganesh sought an additional 15 days time in the wake of the sudden developments that had threatened the deals with the Sultan of Brunei.

He submitted that there were huge protests outside the hotels after media reports that Sultan of Brunei was buying the properties.
“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 collapsed, although we are trying our best to salvage it,” Ganesh told the Supreme Court.

“It is a 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.

The court said that it will consider taking up his plea on Monday.

According to sources, Sahara has been in talks with parties from China and US that have also expressed interest in the hotels.

Moreover, negotiations are also underway for some of the properties situated in India and a few of them are at an advanced stage.

The court had on August 1 allowed Roy and two directors of his Group to use the conference room in Tihar jail complex for 10 working days from August 5 to hold negotiations with potential buyers.

This time period was extended for another 15 working days later. The deadline expires Tuesday.

The Wall Street Journal had earlier 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.