5:41 pm - Saturday November 7, 2015

SC gives Subrata Roy 15 more days to finalize hotel deals

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NEW DELHI: Jailed Sahara chief Subrata Roy on Thursday told the Supreme Court that he has finalized deal for sale of three hotels in London and New York.

Roy told the apex court that he has been able to negotiate a price for London’s Grosvenor House which is 46% higher than the price estimated by Bank of China

The Sahara chief also informed the top court that a foreign bank is ready to give guarantee for $850 million (Rs 5000 crore), but refused to make public the names of the buyer of hotels and the foreign bank.

On Subrata Roy’s request, the Supreme Court gave him 15 more working days to carry on furhter negotiations with foreign parties for inking the final agreement and get the money needed for getting out of jail.

Subrata Roy has been provided an office space within Tihar Jail complex to cary out negotiations for sale of group’s hotels.

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