New Delhi: Pointing out that Sahara has been struggling for nearly a year to mobilise Rs 10,000 crore to meet the bail bond for the release of its chief Subrato Roy, the Supreme Court on Tuesday questioned as to how it can raise over Rs 30,000 crore to comply with the order. Justice T.S. Thakur heading a three-judge bench expressed concern over the inordinate delay in the sale of three properties abroad and told senior counsel S. Ganesh “you Mr.Roy is still in jail for a year. You are still struggling to raise '10,000 cr. whatever you say we have to take with a pinch of salt. By now you could have sold the Indian properties. How can you raise '30,000 cr to comply with our order.”
Mr. Ganesh submitted that Sahara had three new deals on the table and we can’t give details at this stage. “I can only say that they are all foreign buyers. We want the same arrangement which is to expire on February 20 to continue so that Mr. Roy (who was allowed to stay in Tihar jail guest house) can negotiate with the buyers,” he said. Justice Thakur told amicus curiae Shekar Naphade to consider whether the properties could be entrusted to an Asset Management Agency to execute the sale.
Mr. Naphade said there was one agency in UK and he would give further details on the next date of hearing. Sahara chief Subrato Roy is in jail since March 4 last year and he is unable to come out as he could not mobile Rs 10,000 crore surety, a condition imposed for his release on bail.
Earlier Sahara informed the court that its deal with Mirach capital for raising the loan did not materialise. It wanted further time to sell the three foreign properties. Justice Thakur told the counsel that Sahara’s fresh application would be taken up for hearing expeditiously.
