From Tihar Jail,Subrata Roy starts asset sale talks

Sahara Chief Subrata Roy, who is again in the limelight after a gap of month or so, is trying to release funds from an unlikely and hatred place calledTihar jail. (Asia’s largest prison).Though his equation is not fairing good with the apex court, his lawyer has somehow managed to seek an unprecedented permission from it to set up a video calling facility inside the jail. Wherein he can deal with his foreign clients, which will help him raise $1.7 billion through sale of his assets and end a five month and more prison agreement. This was possible only by Mr. Harish Salve, one of India’s Expensive lawyers who is now appearing for the Sahara Group’s heterogeneous.
His assets comprises of London’s Grosvenor House and New York’s Plaza Hotel and Dreams Downtown Hotel. Roy was imprisoned when he failed to appear after multiple hearings from the market manager, Securities and Exchange Boards of India (SEBI).The Funds Generated from these Assets will help his group to repay lakhs of investors,who invested in Sahara’s chit funds.
If the cash comes late,Roy will not be able to provide Rs.10,000 crore bail bond ( Rs.5,000 crore in bank and Rs.5000 crore in cash as guarantee) to India’s apex court.Till date, his company has paid a sum of Rs.3117 crore.
His tender hearted who supported in his bad days is his younger brother JB Roy and son Seemanto, who is an executive director of the Sahara India Pariwar. His son has signed more than fourNon-Disclosure Agreements (NDA) with companies that showed faith in his real-estate and hotel properties that he must pledge to raise the cash.
Reports say that the Poonawalla group is keen to offer 500 million pounds for the Grosvenor house and Madison Capital Holdings has showed an interest of $ 800 million for his New York properties. According to Global Magazine, once published that the Grosvenor can alone fetch above $1 billion .
Apart from his overseas assets, Sahara officials are trying to sell his sell his 92-acre land of Jodhpur which is worth Rs.110 crore. Steadily another plot of his in Ahmedabad measuring 104 acre yielded Rs.470 crore, somewhere in May.
After all this, Roy is set to publish a book on his release.They say it will be a tell-all that could quiet Amar Singh, currently MP of the Rajya Sabha. Singh has plans to dedicate to his friends Mulayam Singh Yadav, Amitabh Bachchan , Anil Ambani and Subrata Roy. Roy laughed off and said that there is no bigger insult he can face than that what he had during imprisonment, before he returned to his writing table. Roy demanded two interesting things from the Tihar Officials I.E unlimited quantity of White A4 sheet papers and ball pens.
Roy is confident of hatching the egg and coming out unharmed. In a 14 page letter that he wrote to his staffers from prison had said, “Keep your morale up and we shall overcome. We will emerge clean from the current crisis , kindly do not get agitated if salaries are delayed because bank accounts are sealed.”
[author image=”” ]I am Shweta Kamath, studying Communication and Journalism, looming to be a Journalist/Reporter who would like to make people aware of the happenings of the Social/Political issues of the society. [/author]

Leave a Reply

Your email address will not be published. Required fields are marked *