Sahara Chief Subrata Roy told the Supreme Court that almost finalised deals to sell his three luxury hotels in New York and London has hit a roadblock and is on the verge of collapse and sought ten days more time to sell the properties to raise Rs 10,000 crore to be deposited with SEBI to get bail.
Appearing before a bench headed by Justice T S Thakur, Roy’s counsel submitted that there have been huge protests outside the hotels after an International newspaper published story that Sultan of Brunei is buying the properties.
A very serious problem has cropped up in the last three days after the paper reported that Sultan of Brunei is buying the properties, he said.
Following this, there have been very violent protests outside the hotels and the buyers are “reconsidering the deal which is now on the verge of being scrapped,” senior advocate S Ganesh told the court.
He urged the court to grant Roy 10 days more time to hold negotiations to save the deal or to talk with 3-4 other buyers who are on line to buy the properties.
“It is very unfortunate incident and it is a setback for us. It is beyond our control,” he said asking the bench to consider his plea for extention of time on Monday.
The court said that it will take up his plea if it is possible for the special bench, hearing his case, to assemble on that day.
The apex court had on August 1 allowed Roy and two directors of his group to use the conference room in Tihar jail complex for 10 days from August 5 to hold negotiations with potential buyers. The time period was furhter extended for 15 days on August 14.
It was reported that the Sultan, along with his luxury hotel operator, the Dorchester Collection, has been criticised for harsh new laws against homosexuals and adulterers in Brunei resulting in boycotts of the Beverly Hills Hotel and other properties in Europe, costing him millions of dollars revenue loss.
The Sahara chief put his hotels Dream Downtown and The Plaza in New York and Grosvenor House in London on block to sell.