The Supreme Court on Monday granted three months to Sahara chief Subrata Roy as a final chance to win his freedom by generating Rs10,000 crore through sale or mortgage of his overseas hotels and domestic properties.
A Bench, headed by Justice TS Thakur, told senior advocate Kapil Sibal that this was prima facie convinced by the proposal share by Sahara showing a Spanish bank willing to lend 900 million euros on the three overseas hotels.
Sahara has to deposit Rs5,000 crore in cash and remaining Rs5,000 crore by way of bank guarantee. The Bench, also comprising Justices AR Dave and AK Sikri expressed doubts on whether Roy will be in a position to generate Rs30,000 odd crores payable to SEBI as he is struggling hard to earn Rs10,000 crore for his bail.
Sibal recited a poem in Hindi to say it’s an everyday fight and like a kite falling to the ground after flying high; opportunity has been given but the road is narrow. To this, one of the judges replied with another Hindi couplet to point out that one gets so used to the pain that he feels it even when not in pain.
The Bench allowed Sahara special facility of conference hall, use of mobile and laptops in Tihar to enable him close the deal with his foreign negotiators. The court also granted permission to Sahara to alienate 10 of its domestic properties at not less than five per cent of market price. In addition, the Bench even allowed Sahara to part with 600 acres of land at Amby Valley, if need arises, at a rate of Rs6.5 crore per acre.