The Supreme Court on Monday gave Sahara group a final opportunity to raise Rs 10,000 crore by selling its properties to secure release of its jailed chief Subrata Roy.
A three-judge bench headed by Justice T S Thakur granted three months time to the group after its counsel, senior advocate Kapil Sibal, submitted a fresh proposal.
Spanish Bank BBVA will now provide cash assistance of € 900 million to Hong Kong-based Nouam Ltd which will use the amount for paying and taking over the outstanding dues of the Bank of China.
The court, while expressing its satisfaction over the proposal, allowed conference facility to Roy in Tihar Jail here for holding negotiations with potential buyers of three overseas hotels, Dream Downtown and The Plaza in New York, and Grosvenor House in London.
The court had on March 13 said that it was inclined to appoint a “court receiver” for alienating Sahara’s assets but refrained from passing such an order after the group sought a last opportunity to come up with a fresh proposal.
The bench, also comprising Justices A R Dave and A K Sikri, asked the group to provide details about the deal to amicus curiae Shekhar Naphade and Securities and Exchange Board of India counsel Arvind Datar, while allowing it to sell some of its domestic properties.
Senior advocate P Chidambaram, appearing for Mirach Capital with whom Sahara’s proposed deal had collapsed, sought permission from the court to submit an offer to buy out all three hotels.
Though Sibal said Sahara was not keen on any deal with Mirach Capital, the bench allowed Chidambaram to file an affidavit and the scheme of offer in a sealed envelope.
During the hearing, the bench wondered how Sahara would arrange the additional Rs 30,000 crore once Roy came out of jail. Sibal responded by saying that he will argue on other matters only after Roy was released.
“It is a do or die effort for me and we are making serious efforts and trying hard as my liberty is at stake,” Sibal said. The hearing also saw interesting exchange of Urdu couplets between Sibal and Justice Sikri.
Roy has been in jail since March 4 last year for failing to refund over Rs 20,000 crore to the depositors.
