Subrata Roy urges SC to release him on parole to sell properties
4 July 2014 12:50 AM GMT
Sahara Chief Subrata Roy, who has been in jail for the last four months, on Thursday pleaded before the Supreme Court to allow him parole for at least 40 days to sell his properties to raise Rs 10,000 crore to get bail and expressed his willingness to dispose of luxury hotels in New York and London.
A bench headed by Justice TS Thakur, however, raised apprehension on Sahara selling international properties and asked the company to first dispose of its assets which are in the country.
Advocate Rajiv Dhawan, appearing for Roy, however, submitted that Rs 5,000 crore might not be raised by selling assets situated in the country and pleaded the court to allow him to sell off hotels Dream Downtown and The Plaza in New York and Grosvenor House in London for which negotiations are going on.
‘We have no problem in allowing you to sell properties provided that transaction is fair, genuine and there is no undervalue of the property. But we do not know how the valuation of property in the other country is done,’ the bench, also comprising justices AR Dave and AK Sikri, said.
The bench asked SEBI to come out with suggestions on how to monitor selling of overseas property and posted the case for hearing on Friday.
‘We are naive in these matters. We do not know how the international market work. You(SEBI) must ensure that there is no mischief in sale and there is no underhand payment in the deal,’ it said, adding, ‘Why don't you look into these issues to ensure that all possibility of leakages are plugged.’
A bench headed by Justice TS Thakur, however, raised apprehension on Sahara selling international properties and asked the company to first dispose of its assets which are in the country.
Advocate Rajiv Dhawan, appearing for Roy, however, submitted that Rs 5,000 crore might not be raised by selling assets situated in the country and pleaded the court to allow him to sell off hotels Dream Downtown and The Plaza in New York and Grosvenor House in London for which negotiations are going on.
‘We have no problem in allowing you to sell properties provided that transaction is fair, genuine and there is no undervalue of the property. But we do not know how the valuation of property in the other country is done,’ the bench, also comprising justices AR Dave and AK Sikri, said.
The bench asked SEBI to come out with suggestions on how to monitor selling of overseas property and posted the case for hearing on Friday.
‘We are naive in these matters. We do not know how the international market work. You(SEBI) must ensure that there is no mischief in sale and there is no underhand payment in the deal,’ it said, adding, ‘Why don't you look into these issues to ensure that all possibility of leakages are plugged.’
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