In what could come as a relief to Sahara chief Subrata Roy and hasten his release from Tihar jail, former chief of Indian Premier League Lalit Modi has decided to help the company and arrange sale of Sahara properties in US.
Sahara group, whose chief has been in jail since March 2014, has been trying to raise Rs 10,000 as demanded by the Supreme Court for payment of Roy’s bail.
The Sahara chief has been in jail for failure to comply with the apex court’s order to return Rs 24,000 crore to investors.
However, the company has failed to raise the amount despite attempts to raise the money including sales of their properties.
According to report on CNN IBN, Lalti Modi brokers have decided to help sell Sahara properties in US.
US-based Madison Capital is said to have told the Supreme Court that it would by two hotels of Sahara – Plaza hotel and Dreams Downtown hotel in New York, the report said.
On March 26, 2014, the SC had asked 65-year-old Roy, who has been in Tihar Jail since March 4, 2014, to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore should be paid in cash and rest in bank guarantees.
Earlier in August, Roy’s plea for his release on humanitarian grounds evoked a sharp reaction from the Supreme Court which said “you are in jail by choice”.
“One thing which is troublesome is that the person (Roy) says there is an asset of Rs 1,85,000 crore. He tells the court that he has so much of money but when it comes to paying one-fifth of that he is unable to pay.
“You have to pay only the one-fifth of your amount. The person who is blessed with so much money is sacrificing his liberty in jail and not parting away with his property. You are in jail by choice,” a bench headed by Justice T S Thakur observed and referred to his earlier submissions when Roy had claimed that the group has sufficient assets to pay the investors.
With Agency Inputs