Jailed Sahara chief Subrata Roy on Friday got the ‘last’ indulgence from the Supreme Court which granted him eight weeks to seal a deal on his overseas property, expected to garner the remaining sum of Rs6,000 crore required for his release. Reminding Sahara’s lawyer Kapil Sibal, who appeared for the incarcerated corporate honcho for the first time, that this will be the final opportunity, the bench headed by Justice TS Thakur said that if this deal failed to come through, the court will appoint a receiver to oversee public auction of Sahara properties to pay off close to Rs40,000 crore to SEBI, which faulted Sahara on its debenture scheme.
Sibal’s appearance made the bench hopeful of a solution. It asked Sibal to submit a detailed outline of its fresh deal with SEBI counsel Arvind Datar and amicus curiae Shekhar Naphade who complained that despite court orders to share all details, they were being kept in the dark on many aspects in the past.
The Bench, also comprising Justices AR Dave and AK Sikri, said, “Your two plans have failed. Give your plan in writing how you intend to deal with your property. In the past we made two concessions. All this has not led to any constructive solution. We are thinking of appointing a receiver and to auction all properties so that entire amount can be paid to SEBI and other depositors.”
Sibal opposed any such move and begged for compassion stating that his client’s hands and feet are tied. He showed a letter about the new deal with regard to london property and managed to secure further concession to use laptops in the jail for five hours during the day when he will be allowed to communicate with persons concerned with the deal situated abroad.