New Delhi: The Supreme Court yesterday extended till September 30 the special facilities given to Sahara chief Subrata Roy to facilitate communication for negotiating transactions to raise money to pay market regulator Securities and Exchange Board of India.
Seeking details of a loan transfer from the Bank of China to Reuben brothers, an apex court bench of Justice T S Thakur, Justice Anil R Dave and Justice A K Sikri extended its March 13 order to grant the communication facilities, including a laptop, to Roy and two other directors for facilitating transactions to raise money as ordered by the court.
The court asked Sahara to furnish in a sealed cover the terms of mortgage between it and the Bank of China for getting a loan of about $800m for buying its three overseas hotels - Grosvenor House Hotel in London and the New York Plaza and Dream New York hotels in New York.
Besides the terms of mortgage with Bank of China, the apex court also asked Sahara to tell whatever information it had about the conditions on which the Bank of China transferred loan to Reuben brothers. The court also asked Sahara to disclose if it had anything to do with Reuben Brothers.
Sahara yesterday turned down a proposal by England-based property developer and financier Kane Capital Partners Limited to buy Grosvenor House Hotel for 637,000,000 Pound Sterling or about Rs6,370 crore.
Refusing the offer by Kane Capital Partners Limited, senior counsel Kapil Sibal appearing for Subrata Roy told the court that Sahara had an offer of $6bon for the three hotels which was higher than one offered by the British company.
The Sahara hearing got a Lalit Modi angle when counsel Prashant Kumar for one of the parties told the court that a prospective buyer of Sahara’s two New York hotels had offered $800m, but Subrata Roy’s son Sushanto Roy “orally” told them to send the proposal to Lalit Modi.
In a mail, Modi said if there was an offer of more than $965m, it could be considered and declined the offer of $800m.
Roy and two other directors of Sahara companies - Ravi Shankar Dubey and Ashok Roy Choudhary - are in judicial custody since March 4, 2014 as SIRECL and SHICL failed to comply with the apex court’s August 31, 2012, and December 5, 2012, orders to return the investors money.
The court directed the Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited to deposit Rs10,000cr as part payment of Rs24,000cr collected in 2008 and 2009.
IANS
