NEW DELHI, July 22 The jailed chairman of Indian
conglomerate Sahara could be allowed to take part in talks over
group asset sales to repay investors sold bonds that were later
ruled to be illegal, the company said after he was again denied
bail on Tuesday.
Subrata Roy has been in a Delhi jail since March 4 after
failing to appear at a contempt hearing in his group's legal
battle with the Indian capital markets regulator over the
company's failure to repay investors who bought the outlawed
Sahara, the assets of which include the landmark Plaza hotel
in New York and Grosvenor House in London, has offered to sell
its three overseas hotels to meet the payment demands and is
also planning to sell some real estate assets within India.
The company said in a statement that India's Supreme Court
on Tuesday lifted a freeze on its overseas properties and
allowed the group to hold talks for selling or mortgaging these
Though the country's top court again denied Roy bail, Sahara
said that, in the event of the submission of a concrete proposal
of such mortgage or sale deal, the court said it "will consider
the case and pass an order so that he (Roy) can meet with the
buyer on certain conditions".
(Reporting by Suchitra Mohanty and Devidutta Tripathy; Editing
by David Goodman)