{"id":34741,"date":"2014-08-16T11:13:51","date_gmt":"2014-08-16T05:43:51","guid":{"rendered":"https:\/\/www.legalindia.in\/news\/?p=34741"},"modified":"2014-08-16T11:13:51","modified_gmt":"2014-08-16T05:43:51","slug":"agreement-reached-sell-luxury-hotels","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/agreement-reached-sell-luxury-hotels","title":{"rendered":"&#8216;Agreement reached to sell luxury hotels&#8217;"},"content":{"rendered":"<p><a href=\"https:\/\/www.legalindia.in\/news\/supreme-court-hear-sahara-group-proposal\/sahara-shree\" rel=\"attachment wp-att-32471\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"32471\" data-permalink=\"https:\/\/www.legalindia.com\/news\/supreme-court-hear-sahara-group-proposal\/sahara-shree\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/03\/sahara-shree.jpg?fit=296%2C170&amp;ssl=1\" data-orig-size=\"296,170\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"sahara shree\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/03\/sahara-shree.jpg?fit=296%2C170&amp;ssl=1\" class=\"alignright  wp-image-32471\" src=\"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2014\/03\/sahara-shree-150x86.jpg?resize=311%2C178&#038;ssl=1\" alt=\"sahara shree\" width=\"311\" height=\"178\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/03\/sahara-shree.jpg?resize=150%2C86&amp;ssl=1 150w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2014\/03\/sahara-shree.jpg?w=296&amp;ssl=1 296w\" sizes=\"auto, (max-width: 311px) 100vw, 311px\" \/><\/a>Sahara group has reached an agreement with a foreign party to sell its three luxurious hotels in London and New York and a reputed foreign bank has also agreed to grant bank guarantee for Rs 5,000 crore, its chief Subrata Roy Thursday told the Supreme Court which granted him 15 more working days to complete the process.<\/p>\n<p>Roy, who has been in jail for over five months, said that he cannot reveal the name of the party and the bank, saying that their confidentiality has to be protected till the deal is signed.<\/p>\n<p>Pleading for more time to raise around Rs 7,000 to get bail, advocate S Ganesh, appearing for him, submitted that no one is more anxious than him to get out of jail to revive his business which is on the verge of collapse.<\/p>\n<p>&#8220;An in principle agreement has been reached with a foreign party for the sale of the three hotel properties and in fact a draft memorandum of agreement has also been drawn up in this regard.<\/p>\n<p>&#8220;Further the applicants have also managed to obtain the in-principle approval of a foreign bank for the grant of a bank guarantee for the amount of US$ 850 million equivalent to Rs 5,000 crore through a tie-up with an Indian Scheduled Bank,&#8221; he told a bench headed by Justice T S Thakur.<\/p>\n<p>The bench, after hearing his plea, agreed to grant him 15 days more time but made it clear that no further time extension will be granted to him to use the conference room in Tihar jail complex for holding consultations with the potential buyers of his properties.<\/p>\n<p>&#8220;It is necessary to carry out further negotiations for the purpose of working out the numerous details relating to such highly intricate complex and high value transaction,&#8221; Sahara said in his application seeking more time.<\/p>\n<p>Roy put his hotels Dream Downtown and The Plaza in New York and Grosvenor House in London on block to sell and he submitted that he is getting price more than their market value from a foreign buyer.<\/p>\n<p>The apex court had on August 1 allowed Roy and two directors of his group to use the conference room in Tihar jail complex for 10 days from August 5 to hold negotiations with potential buyers.<\/p>\n<p>Roy, 65, who has been in jail for the past five months, had pleaded that he was committed to follow apex court&#8217;s direction and sought its permission for shifting to Tihar jail guest house for a week to enable him to hold negotiations to sell his properties in India and abroad to raise Rs 10,000 crore to get regular bail.<\/p>\n<p>The apex court had refused to release Roy on interim bail or parole but had allowed selling of his luxury hotels.<\/p>\n<p>It had also appointed senior advocate Shekhar Naphade as amicus curiae to assist the court in dealing with the case in which the group is supposed to pay around Rs 37,000 crore to wind up the proceedings in the apex court.<\/p>\n<p>Roy, who was sent to jail on March 4 this year for non- refund of over Rs 20,000 crore to depositors, was 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.<\/p>\n<p>Sahara has raised Rs 3,117 crore which has been deposited with SEBI.<\/p>\n<p>The group, however, has been claiming that it has already repaid money to 93 per cent investors.<\/p>\n<p>(Source: PTI)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sahara group has reached an agreement with a foreign party to sell its three luxurious hotels in London and New York and a reputed foreign bank has also agreed to grant bank guarantee for Rs 5,000 crore, its chief Subrata Roy Thursday told the Supreme Court which granted him 15 more working days to complete [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[29445,47765,16822,2170,47726,1571,47774,47775,23371],"class_list":["post-34741","post","type-post","status-publish","format-standard","hentry","category-top-law-news","tag-luxury-hotels","tag-news","tag-sahara-group","tag-subrata-roy","tag-supreme-court","tag-tihar-jail","tag-todays-news","tag-todays-top-news","tag-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>&#039;Agreement reached to sell luxury hotels&#039;<\/title>\n<meta name=\"description\" content=\"&#039;Agreement reached to sell luxury hotels&#039;\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/news\/agreement-reached-sell-luxury-hotels\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#039;Agreement reached to sell luxury hotels&#039;\" \/>\n<meta property=\"og:description\" content=\"&#039;Agreement reached to sell luxury hotels&#039;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalindia.com\/news\/agreement-reached-sell-luxury-hotels\" \/>\n<meta property=\"og:site_name\" content=\"Legal News India - Supreme Court &amp; 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In an application filed in the apex court, Roy submitted that\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Subrata Roy","src":"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2014\/07\/Subrata-Roy-150x99.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":34421,"url":"https:\/\/www.legalindia.com\/news\/sc-asks-govt-make-arrangement-roy-meet-buyers-properties-tihar","url_meta":{"origin":34741,"position":1},"title":"SC asks govt to make arrangement for Roy to meet buyers of his properties in Tihar","author":"Legal India Admin","date":"July 26, 2014","format":false,"excerpt":"The Supreme Court on Friday asked the Delhi government to explore a venue within Tihar jail complex where Subrata Roy can hold negotiations with buyers of his properties by meeting them personally or through video conferencing. A special bench headed by Justice T S Thakur asked the government to talk\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Sahara India group chairman Subrata Roy","src":"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2011\/02\/Sahara-India-group-chairman-Subrata-Roy.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":34360,"url":"https:\/\/www.legalindia.com\/news\/sc-refuses-release-subrata-roy-bail-parole","url_meta":{"origin":34741,"position":2},"title":"SC refuses to release Subrata Roy on bail or parole","author":"Legal India Admin","date":"July 23, 2014","format":false,"excerpt":"The Supreme Court today refused to release Sahara Chief Subrata Roy, who has been behind bars for nearly five months, on interim bail or parole but allowed selling of his luxury hotels in New York and London to raise money to deposit Rs 10,000 crore with SEBI as directed to\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Subrata Roy","src":"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2014\/07\/Subrata-Roy.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":42945,"url":"https:\/\/www.legalindia.com\/news\/sc-extends-subrata-roys-parole-till-july-11","url_meta":{"origin":34741,"position":3},"title":"SC extends Subrata Roy&#8217;s parole till July 11","author":"Legal India News","date":"May 11, 2016","format":false,"excerpt":"In a breather to Sahara chief Subrata Roy, the Supreme Court today extended his parole till July 11 to enable him to deposit Rs 200 crore with market regulator Securities and Exchange Board of India (SEBI). A bench headed by Chief Justice T S Thakur, however, directed Roy and Sahara\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?fit=380%2C285&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":33594,"url":"https:\/\/www.legalindia.com\/news\/sc-rejects-roys-plea-house-arrest-lifts-curbs-sale-assets","url_meta":{"origin":34741,"position":4},"title":"SC rejects Roy&#8217;s plea for house arrest, lifts curbs on sale of assets","author":"Legal India Admin","date":"June 5, 2014","format":false,"excerpt":"Change of the judges on the bench failed to revise the fate of yet another plea by the Sahara Group as the Supreme Court on Wednesday refused to release Subrata Roy from jail and also junked a request to shift him to a guest house for putting him under house\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"shahara","src":"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2013\/08\/shahara.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":48010,"url":"https:\/\/www.legalindia.com\/news\/non-payment-rs-1500-cr-will-land-subrata-roy-jail-sc","url_meta":{"origin":34741,"position":5},"title":"Non-payment of Rs 1,500 cr will land Subrata Roy in jail: SC","author":"Legal India Admin","date":"April 27, 2017","format":false,"excerpt":"The Supreme Court today extended till June 19 the parole of Sahara chief Subrata Roy with a warning that failure to meet the deadline of June 15 for the payment of Rs 1,500 crore would land him in prison once again. Roy, who in compliance with the last order appeared\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?fit=380%2C285&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-92l","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/34741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=34741"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/34741\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=34741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=34741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=34741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}