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SC denies bail to Roy, allows Sahara for negotiations to sell foreign properties

| | Jul 23, 2014, at 02:57 am
New Delhi, July 22 (IBNS): Even as the Supreme Court denied a bail plea by Sahara Group's chief Subrata Roy on Tuesday, it removed the embargo on foreign properties and allowed the group for negotiations for sale or mortgage of the same.
"We are deeply grateful that Hon'ble Supreme Court today removed the embargo on foreign Properties and allowed Sahara Group for negotiations for sale or mortgage of foreign properties. The proceeds raised from the foreign property sale  would be paid to clear the loan with Bank of China the details of which was submitted to court on 4th June '14 and the rest of the amount will be deposited to SEBI,"  Sahara Group advocate Gaurav Bhatia said in a statement.
 
Roy asked for his bail for at least 40 days so that he can go out and raise money for bail.
 
The apex court said if he is serious about raising the money and by selling off his house in London, he should rather give a concrete plan.
 
The court said it would facilitate negotiations with buyers during day time.
 
The apex court has given the liberty to Roy, that in case of submitting a concrete proposal of such mortgage or sale deal, it will consider the case and pass an order so that he can meet with the buyer on certain conditions. 
 
"Though we excepted the bench to be a little more considerate by allowing the release of Mr Roy and the 2 directors so that they can affect the sale and mortgage of properties for complying the order," Bhatia said.
 
Roy said he want to sell off three overseas hotels to raise the fund of Rs 10,000 crore for his bail.  
 
The Supreme Court earlier had defreezed the group's bank accounts besides allowing it to sell nine properties in the country.
 
Roy is in Tihar Jail after his arrest for allegedly defrauding investors of over Rs 200 billion.
 
#SC denies bail to Roy # allows Sahara for negotiations to sell foreign properties

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