overseas hotels to raise the money.
The bench had said it wanted to have “a clear picture” of the outstanding liability of the Sahara Group along with the valuation report of the properties listed by the company for sale within one week.
Meanwhile, senior advocate Rajeev Dhavan, appearing for group, had also submitted a fresh proposal stating that they were ready to deposit Rs 3,000 crore cash in five days and another Rs 2,000 crore in the next 30 days thereafter. Besides, the group could furnish a bank guarantee for the rest of Rs 5,000 crore in 60 days after selling its equities in hotels, one situated in London and two in New York.
The court, however, passed the order giving one week time to the group to furnish an affidavit clarifying that it had received the necessary approval from the Bank of China for going ahead with sale of the properties.
The counsel also pleaded for keeping Roy in house arrest instead of Tihar jail here as incarceration in his case had resulted greater hardship to the company and it would “never” be able to comply with court’s order to refund investors money to the Sebi.
“We appreciate everything but the sheer magnitude of the problem is formidable. We have to keep into consideration personal liberty and the amount of the money to be refunded,” the bench replied.
During the hearing, the court said that it was inclined to allow Sahara to sell the nine properties listed by the company and mortgage Amby Valley for raising the money.