Did former IPl Commissioner lalit Modi help broker a deal for jailed Sahara chief Subrata RoyIJ A foreign firm interested in Sahara’s New York hotels told Supreme Court on Monday that Saharas had “orally” instructed to forward their proposal to lalit Modi, who will take a call on behalf of Sahara.
The revelation came up during the hearing on an application filed by the foreign bidder - Madison Capital Holding llC, which expressed an interest to buy two Sahara hotels in New York. The company was later told that the deal cannot go through as Sahara received a higher offer for the hotel property. According to the firm’s lawyer Prashant Kumar, Roy’s son Sushanto had “orally” asked lalit Modi for help in selling off their US-based properties which the former IPl boss had pegged at $965 million.
For a moment, the name of lalit Modi even caught the attention of the judges, who enquired from senior advocate Kapil Sibal appearing for Sahara as to whether this was the same Modi of IPl fame and if his clients intended to sell the overseas hotels to the new bidder. Sibal denied the “Modi” link asking the foreign firm to produce evidence of such instruction on behalf of the company. So far as sale of the overseas hotel was concerned, Sibal said that the company was looking to develop the overseas properties as it carried huge potential. In this regard, he indicated that British-based billionaire Rueben Brothers was willing to supply close to 6 billion USD (`36000 crore) to Sahara in order to facilitate release of Roy, who is in Tihar Jail since March 4, 2014.
On the request of Sibal, the bench of Justices TS Thakur, AR Dave and AK Sikri, allowed Roy special facilities at Tihar Jail till September 30. This included shifting to conference hall, use of computers and mobile phones, etc. Sibal expressed confidence that by September 14, the next date of hearing, the required money of `10000 crore for the release of Roy will be in place.
Hoping the deal with Rueben brothers to come through within the next 20 days, Sibal said that no Indian bank was willing to offer a bank guarantee forcing them to pay the sum in cash for which RBI clearance has already been sought. Apprehensions were expressed by Court-appointed amicus curiae Shekhar Naphade whether Saharas may sell the hotel to Rueben brothers without any particulars being shown to Court. The bench directed Sahara to deposit the mortgage deed of the hotel property in sealed cover before the next hearing indicating the entire arrangement between Bank of China, Sahara and Reuben Brothers.