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In what could be India’s biggest land sale, over 4,700 acres owned by the <keyword id="31906" type="COMPANY" weightage="100" keywordseo="Sahara-group">Sahara Group</keyword> across 14 Indian states have been put on the block by HDFC Realty and SBI Capital Markets. As the sale goes through, the deal is expected be worth Rs 6,500 crore. However, the fact that the properties have huge chunks of agricultural land located in rural areas could affect the amount of the deal. 
 
As per Sahara, it has a total land bank of 33,633 acres out of which the Aamby Valley City located near Lonavala accounts for 10,600 acres. Similarly, about 1,000 acres is spread across various towns and cities of Uttar Pradesh, the capital of which houses the company headquarters. 
 It was early this month that the honourable Supreme Court had released Sahara chief <keyword id="31933" type="PERSON" weightage="100" keywordseo="Subrata-Roy">Subrata Roy</keyword>, who has been in Tihar Jail since March 2014, and group director Ashok Roy Choudhary on a parole for four weeks. It was then that the court had said that Sahara could sell its properties to raise Rs 5,000 crore as a bank guarantee and another Rs 5,000 crore to get bail. 
 After this order, the market regulator authority Securities and Exchange Board of India (SEBI) had mandated that HDFC Realty and SBI Capital Markets auction 60 <keyword id="2065987" type="UNKNOWN" weightage="100" keywordseo="Sahara-properties">Sahara properties</keyword> across the country. 
 
 
The locations of these lands are as follows: Ujjain and Indore in Madhya Pradesh, Ajmer in Rajasthan, Aligarh, Bahraich, Bareilly, Muzaffarnagar, Lucknow, Noida in UP, Guwahati in Assam, Salem in Tamil Nadu, and Porbander and Baroda in Gujarat. 
 
<a href="http://i.huffpost.com/gen/4312180/images/o-SUBRATA-ROY-facebook.jpg">Image source</a>

Auctioneers expect to raise Rs 6,500 crore by selling 4,700 acres of Sahara land

In a bid to raise Rs 26.22 billion ($424 million) to secure <keyword id="4637" type="ORGANIZATION" weightage="20" keywordseo="Sahara">Sahara</keyword> chief <keyword id="31933" type="PERSON" weightage="20" keywordseo="Subrata-Roy">Subrata Roy</keyword>’s bail, the Indian conglomerate would be selling four of its domestic properties located in Vasai, Jodhpur, Pune and Chauma (Gurgaon). The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword>’s given the group permission to sell its domestic properties yesterday, after hearing the arguments from the <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara group</keyword> counsels. 
 
The news brings in a big relief to the Sahara group, who was trying really hard to gather the required deposits and securities needed for Subroto Roy’s bail. 
 
The Sahara chief has been lodged in Tihar Jail since March 24 for not complying with the apex court's August 31, 2012 directions to return an amount of Rs 24,000 crore to its 3 crore investors with interest. 
 
The apex court has ordered Sahara Group to deposit Rs 10,000 crore to get bail, out of which Rs 5,000 crore should be paid in cash and rest of the amount could be paid in form of a bank guarantee. 
 
Sahara Group, which owns iconic hotels like the Plaza in New York and Grosvenor House located in London, had already told the Supreme Court that it would mortgage or sell its overseas hotels to raise funds to secure bail. 
 The conglomerate, last week, also sought the Supreme Court’s permission to take over a loan from <keyword id="104905" type="CITY" weightage="20" keywordseo="Bank-of-China">Bank of China</keyword> against its international hotel properties. It has also asked the apex court to grant permission to raise $650 million more in loans through refinancing to pay off the bail money. The court may come up with a decision on the same in the next hearing scheduled for December 17.

Supreme Court Allows Sahara Group To Raise $424 Million By Selling 4 Properties In India

Ever since <a href="http://www.businessinsider.in/searchresult.cms?query=subroto+roy">Subrata Roy</a> took <keyword id="4637" type="ORGANIZATION" weightage="100" keywordseo="Sahara">Sahara</keyword> Finance—where he had joined a little earlier as an employee—in late 70s, the ‘managing worker’ of the so-called Sahara Parivar has seen his <a href="http://www.businessinsider.in/Why-Regulators-Fail-To-Tame-Shadowy-Banking-Players/articleshow/41408796.cms">business empire</a> going from strength to strength. Roy seeded his empire on a simple business model— accept deposits of very low amounts from low-income investors as a residuary non-banking company. Between early 1990s when he moved his base to Lucknow, Sahara diversified to real estate, media, entertainment, tourism, healthcare, and hospitality, supposedly becoming the second-largest largest employer in India—just behind Indian Railways—with more than one million employees. 
 The Hindi newspaper Rashtriya Sahara, Aamby Valley City project near Pune, Sahara TV, Sahara Time (English newspaper), Grosevnor House Hotel in London and Plaza Hotel in New York City...the list of <keyword id="3004609" type="UNKNOWN" weightage="100" keywordseo="Saharas-businesses-and-assets">Sahara’s businesses and assets</keyword> kept on growing. 
 
But all that suddenly and dramatically changed on February 26, 2014, when the Supreme Court ordered the arrest of Roy for failing to appear before it in connection with the Rs 24,000 crore deposits his company has not refunded to investors and was arrested a few days later by Uttar Pradesh police and eventually put behind bars at Tihar Jail. 
 
The apex court, which over the last one-and-a-half years extended the time period for Sahara to make payment to release Roy from jail and seemed to have exhausted most of its options, has finally seemed to be making some headway in its bid to squeeze the money Roy owes to investors. It said, it is considering appointing a receiver for Sahara's properties given that a group claiming Rs 1,85,000 crore in assets is unable to pay a meagre Rs 10,000 crore to set its chief free. 
 
The SC is accused of showing unusual patience and leeway in extending the deadline for <a href="http://www.businessinsider.in/searchresult.cms?query=sahara">Sahara</a> to make the payment. In fact, if we calculate the time from the date of the <keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword> order of June 2011 asking Sahara to pay up, the group has had nearly five-and-a-half years to comply. The Rs 24,000 crore originally sought from Sahara has ballooned to over Rs 36,000 crore due to accumulated interest. 
 
All these years—a time period an ordinary citizen of the country without the money power Roy has may not be offered in typical court proceedings—Sahara has found innumerable reasons not to pay. It has said the money is already repaid; it is difficult to locate all its small investors; it is difficult to raise so much money at one go, etc. This is despite the fact that the delay is costing the group a bomb in terms of accumulated interest on the amount—Rs 24,000 crore—it was originally asked to pay. Over the years this has ballooned to Rs 36,000 crore, surging by a mammoth Rs 10 crore a day by way of interest. One is forced to ask why someone like Roy is allowing the dues to surge to crazy levels at the order of Rs 10 crore a day—which any sane person would not want to do—by delaying the payment over and over again. 
 
While there may be some truth in the litany of reasons Sahara has been citing as to why it cannot shell out money to close the proceeding and let Roy walk out of jail, the real clue as to why it is reluctant to pay up lies in the <a href="http://www.businessinsider.in/searchresult.cms?query=sebi">Sebi</a> order of June 2011 - where it found several Sahara investors to be fictitious - and Supreme Court's own final judgment, where too it referred to the possibility of many of the investors being ‘benami’ ones. 
 
If the real owners of many of Sahara’s assets are fictitious or ‘benami’, then it will be really difficult for Sahara to sell of those assets to ensure release of Roy from prison. 
 
On the other hand, when there is apprehension that many of Sahara's investors may not exist, the best thing for the court to do is to appoint a receiver so that the real ownership can be investigated and the assets can protected from being transferred clandestinely. Positively, after many missteps, the apex court is finally moving in that direction. 
 
Image credits: Indiatimes

Why Subrata Roy is
reluctant to pay dues to investors?

<keyword id="4637" type="ORGANIZATION" weightage="100" keywordseo="Sahara">Sahara</keyword> chief <keyword id="31933" type="PERSON" weightage="100" keywordseo="Subrata-Roy">Subrata Roy</keyword>'s lawyers have moved the <keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="Supreme-Court">Supreme Court</keyword>, seeking a deal room in <keyword id="56350" type="PERSON" weightage="100" keywordseo="Tihar-jail">Tihar jail</keyword> to help Roy raise the amount of Rs 10,000 set by the court as a condition for his bail. The room would be used negotiate business deals. 
 
An application regarding this request was moved by senior advocate KTS Tulsi before a bench headed by Justice TS Thakur. 
 
"He has to deal with people in five different time zones. Some of the potential buyers and lenders want to meet before submitting their financials," Tulsi said. "These would be facilities outside the jail but within the complex." 
 
According to the application by Sahara, the "applicants... appeal to shift them from barrack no. 3 of Tihar jail to an out-house in the Tihar jail premises so that they can enter into effective and fruitful negotiations with prospective buyers, lenders for the sale, encumbrance of domestic and three overseas properties of the group companies."

Subrata Roy Demands Deal Room At Tihar

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> has rejected <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara Group</keyword> Chairman <keyword id="31933" type="PERSON" weightage="20" keywordseo="Subrata-Roy">Subrata Roy</keyword>'s bail plea. <keyword id="4637" type="ORGANIZATION" weightage="20" keywordseo="Sahara">Sahara</keyword> Group had pleaded before the court to grant Roy bail for two months. It had placed a billion-dollar plan before the court and also submitted 21 post-dated cheques before <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>, pledging Rs 1,885 crore by June 2015. 
 Roy has been languishing in <keyword id="56350" type="PERSON" weightage="20" keywordseo="Tihar-jail">Tihar jail</keyword> for more than nine months due to Sahara’s failure to pay back Rs 24,000 crore that it had garnered through bonds, which were declared as illegal. “Let us be realistic you can come out only if you make the payment,” the court said. It added that Roy must pay Rs 5,000 crore in cash and another Rs 5,000 crore as bank guarantee. “We don’t see any change in the circumstances going by the history of the litigation. The balance amount you are unable to arrange for your release. What will happen after you are released for payment and refund to investors?” it asked. 
 
The bench said it would grant him bail only if he "would pay the amount of Rs 10,000 crore - out of which Rs 5,000 crore to be deposited before this court and for the balance a bank guarantee of a nationalised bank be furnished in favour of SEBI and be deposited before this court." 
 
The Supreme Court had earlier allowed the company to sell its four domestic properties to raise money for Roy’s release. Sahara told the apex court that there were some issues in selling the Pune property, from which it expected to raise Rs 550 crore. It also informed the court that it has “almost complied with the cash component of the interim bail order and is in the process of finalizing mortgage of its three foreign hotels to furnish the bank guarantee.”

Supreme Court Refuses To Release Subrata Roy From Jail

Billionaire brothers David and Simon Reuben will take over Sahara group’s Grosvenor House hotel and two other luxury hotels - Plaza and Dream Downtown — in a whopping $850 million (Rs. 5,500 Crore) deal. 
 The Reubens have also purchased the two loans against the properties from <keyword id="104905" type="CITY" weightage="60" keywordseo="Bank-of-China">Bank of China</keyword>. They have also given a four-month extension to Sahara. 
 
The Grosvenor House hotel was recently put up on sale by the Bank of China after Sahara failed to pay the defaulting amount. Sahara bought it in 2010. The two other US hotels followed. The trio was brought for an estimated$1.55 billion. 
 
The Group has been long trying to raise $1.6 billion to get its chief Subrata Roy out on bail by monetizing its assets. Roy has been in Tihar Jail for over a year now. It has also been in a legal strife with SEBI over raising funds worth around Rs. 24,000 Crores. The company claims it has repaid 95% of the investors. 
 
(Image credit: Indiatimes)

Reubens
to the Rescue, acquire Sahara hotels

Sahara <keyword id="6369681" type="POSITION" weightage="20" keywordseo="chief">chief</keyword> <keyword id="31933" type="PERSON" weightage="20" keywordseo="Subrata-Roy">Subrata Roy</keyword> might be in jail and surviving the heatwaves of May, but his ambition seems to be kissing the sky. 
 The debt ridden <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara Group</keyword>, which failed to produce a Rs 10,000 crore bond to release it’s supremo is bidding for <keyword id="6354968" type="COMPANY" weightage="20" keywordseo="London">London</keyword>'s iconic Grosvenor House hotel. As per a news report in The Economic Times Sahara had bought the property in 2010 and lost control after defaulting on a loan, marking a bizarre twist in a long-running <keyword id="45535" type="UNKNOWN" weightage="20" keywordseo="Saga">saga</keyword> in which the group's founder has spent more than a year behind bars. 
 
 Sources have informed the ET, Sahara Group, via its subsidiary <keyword id="2870977" type="UNKNOWN" weightage="20" keywordseo="Amby-Valley-Mauritius">Amby Valley Mauritius</keyword>, has emerged as one of the bidders. Other bidders are Constellation <keyword id="6368036" type="PERSON" weightage="20" keywordseo="Hotels">Hotels</keyword> Holding, M&amp;G Prudential, Abu Dhabi Investment Authority and China's <keyword id="382183" type="ORGANIZATION" weightage="20" keywordseo="Fosun-Group">Fosun Group</keyword>. 
 The sources have also confirmed that the bids received so far are in the range of £600-625 million (up to nearly Rs 6,150 crore. <keyword id="624039" type="COMPANY" weightage="20" keywordseo="The-Bank-of-China">The Bank of China</keyword> (BOC), which has custody of the hotel, has appointed <keyword id="6358918" type="PERSON" weightage="20" keywordseo="Deloitte">Deloitte</keyword> as the <keyword id="57372" type="POSITION" weightage="20" keywordseo="Administrator">administrator</keyword> for the property and <keyword id="150310" type="CITY" weightage="20" keywordseo="Jones-Lang-LaSalle">Jones Lang LaSalle</keyword> (JLL) as one of the sales agents. 
 In 2010, the BOC had financed the Sahara group for purchasing the Grosvenor House hotel along with two hotels in <keyword id="6355838" type="COMPANY" weightage="20" keywordseo="New-York">New York</keyword> - Dream Downtown and The Plaza. Earlier this year, Sahara defaulted on BOC's loan of close to $800 million, after which the London hotel came under its custody. 
 When Sahara ran into trouble with India's capital markets regulator, <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">Sebi</keyword>), the BOC asked the group to pay back its debt. Between 2013 and 2014, the group had received several bids for all the three hotel properties from possible investors, including royal families in the Middle-East. The bidders had offered close to £900 million for the London hotel alone. But the Sahara Group did not accept any offer and finally defaulted on the BOC loan. 
 
 
An email sent to Sahara by the financial daily did not elicit any response. JLL said it did not have any comments to offer at this time. A legal expert involved with the current transaction said that though Sahara has emerged as one of the bidders for the property, BOC officials are still trying to figure out whether the authorities in India could create any legal problems if Sahara were to be awarded the deal. 
 
Sahara's ability to raise money for the deal is also being doubted, according to people involved in the negotiations, especially since the group is relying on backing by other financiers. 
 Subrata Roy, founder and <keyword id="6411847" type="POSITION" weightage="20" keywordseo="head">head</keyword> of Sahara group, is currently in Tihar Jail, from where he unsuccessfully tried to negotiate a deal to sell the hotels. 
 
(Image : Reuters)

​Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say

The flamboyant chief of <keyword id="4637" type="ORGANIZATION" weightage="100" keywordseo="Sahara">Sahara</keyword>, Subarta Roy, who is currently behind the bars, may soon breathe a sigh of relief. A media report suggests the Sahara is working on an over $1 billion debt refinancing deal with two American hedge funds to raise money to secure Roy’s release. 
 
As per the report, the two funds would become financiers for over $ 1 billion (Rs 6,000 crore) of debt against the three overseas hotels of the group, which includes the iconic Grosvenor House in London and two hotels in New York (the Plaza and Dream Downtown). 
 A <keyword id="31906" type="COMPANY" weightage="100" keywordseo="Sahara-group">Sahara group</keyword> spokesperson has however, denied the reports. He told a leading news agency, “All we can say in this matter is that the news is absolutely wrong. You can well understand our inability to comment on any issue pertaining to the deal of properties because of the operation of a Non Disclosure Agreement (NDA). Furthermore, you are definitely aware of the fact that how strictly NDA is followed and honoured, particularly in the overseas market.” 
 The 66-year-old businessman was jailed in March amid a long-running dispute of Sahara group with the capital markets regulator <keyword id="35210" type="ORGANIZATION" weightage="80" keywordseo="sebi">SEBI</keyword> (Securities and Exchange Board of India) over repayment of billions of dollars to investors who were sold certain bonds. 
 
However, Sahara group has maintained that it has repaid over 93% of the investors. 
 
In August, Roy was allowed to stay in and use the conference room of Delhi’s Tihar Jail in a bid to negotiate the sale of his properties. However, he could not seal a deal within the deadline given by the honourable Supreme Court. 
 
So far, Sahara has raised Rs 3,117 crore, which has been deposited with the capital markets regulator SEBI.

Sahara Raising Funds, Rekindling Hopes for Subroto Roy’s Release?

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> on Monday gave conglomerate <keyword id="4637" type="ORGANIZATION" weightage="20" keywordseo="Sahara">Sahara</keyword> another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder <keyword id="31933" type="PERSON" weightage="20" keywordseo="Subrata-Roy">Subrata Roy</keyword>, who has been held in a New Delhi jail for more than a year. 
	 
	Sahara has made several failed attempts to raise $1.6 billion in bail money. Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars to INVESTORS in a bond programme that was ruled illegal. 
	 
	The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy. 
	 
	On Monday, the country's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds.

Sahara gets 3 months lifeline

<keyword id="4637" type="ORGANIZATION" weightage="100" keywordseo="Sahara">Sahara</keyword> has deposited Rs 3,117 crore with market regulator the Securities and Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">Sebi</keyword>) and promised to pay the remaining Rs 1,883 crore soon. The <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> will now hear Sahara group chief <keyword id="31933" type="PERSON" weightage="100" keywordseo="Subrata-Roy">Subrata Roy</keyword>’s interim bail plea on Thursday and decide whether he will be allowed to come out of Tihar jail. 
 
The court had earlier refused to relax the conditions — depositing Rs 5,000 crore in cash and Rs 5,000 crore through bank guarantee with Sebi — for his interim bail. 
 
In an affidavit filed on Monday, Sahara said, “the company has deposited Rs 3,117.53 crore of which Rs 2,705.70 crore are from encashment/sale/transfer of FDs, bonds and securities while the balance Rs 411.82 crore were from sale proceeds of land at Ahmedabad." 
 
"Now less than Rs 2,000 crore remain to be deposited by the Saharas in compliance with the March 26 order. This shall be done as early as possible," the group said. 
 
The group may deposit Rs 1,883 crore with Sebi by going ahead with the sale of the nine properties it had listed before the court. Of the nine, it has already sold one - the Ahmedabad land for Rs 412 crore. 
 
Sahara chief Roy is in Tihar jail since March 4 after the court found that two companies of the group had failed to comply with its order to pay back Rs 26,000 crore to investors.

Sahara Deposits Rs 3,117 Crore, SC To Hear Subrata’s
Bail Plea On Thursday

Starting August 5 and for the following 10 days, Delhi’s Tihar jail will have the sort of visitors who generally find themselves working in very different circumstances. They’ll be coming to see Sahara chief Subrata Roy, who’s trying to raise Rs 10,000 crore as a get-out-of-jail card by selling or mortgaging real estate assets. 
 So how is Tihar preparing for this unusual event? A large 30x18 ft conference room with an attached bathroom and a 12x12 ft annexe inside the <keyword id="2456860" type="ORGANIZATION" weightage="20" keywordseo="Tihar-court">Tihar court</keyword> complex are being readied for Roy and two Sahara directors, Ashok Roy Choudhary and <keyword id="709634" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Dubey">Ravi Shankar Dubey</keyword>, who are also lodged in the same prison. 
 
Jail authorities have sent a letter to Delhi Lieutenant-Governor Najeeb Jung to notify the conference room as a special jail but with certain relaxations — phones and laptops, WiFi connectivity and visitors from 6 am to 8 pm on all days except Sundays and gazetted holidays. 
 The <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara Group</keyword> will pay for the privileges. The room, which is used for confidential meetings and press briefings by the directorgeneral of prisons, has a 52-inch TV for making presentations, video-conferencing and a table that seats 25. 
 
It also has wood-paneled walls and is fully air-conditioned. 
 
Visitors coming to meet Roy to be frisked 
 
All Visitors Coming to meet Roy to be Frisked Roy’s guests — corporate bigwigs, investors, top lawyers, merchant bankers, et al — will get vegetarian meals, snacks and tea prepared in the jail canteen, which is manned by a few longtime inmates. All visitors will be subject to frisking. 
 
The Sahara chief has been in Tihar jail since March over the issue of refunds to investors in a financial instrument issued by two group companies in violation of norms. The Securities and Exchange Board of India says Sahara has to pay more than Rs 37,000 crore by way of the refund amount and interest. 
 While Sahara says it has already paid much of the money that is due, the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> has told Roy that he needs to raise Rs 5,000 crore in cash and Rs 5,000 crore by way of bank guarantees to get bail. 
 
The Sahara boss and the two directors are currently housed in a section for inmates above 60. As with other parts of the jail, no cellphones and laptops are allowed and jammers restrict all forms of electronic communications. That’s why Roy and his team need to be relocated. “We can’t switch off the jammers just for one person. It will send a wrong message to others. It could become a precedent of sorts if we allow him privileges inside the jail and other inmates might start asking for similar things then,” said a senior jail official, who did not want to be named. 
 The court order permits Roy and his team to conduct business meetings and negotiations in the designated area. The most valuable properties on the Sahara list are its three international hotels — Grosvenor House Hotel in London and <keyword id="999813" type="COMPANY" weightage="20" keywordseo="The-Plaza">The Plaza</keyword> and Dream Downtown Hotel in New York. 
 
ET reported last month that those looking to buy the properties include the Poonawalla family based in Pune, an investor group linked to the Qatar royal family and Sultan Hassanal Bolkiah of Brunei. 
 
The Poonawallas have made an offer of £550 million for the London property. One of the world’s largest luxury property investors Madison has offered $800 million for Sahara’s New York hotels. 
 
The terms under which Sahara has been allowed to set up the deal room are listed in the affidavit filed by Rajesh Kumar, superintendent of Central Jail No 3 at Tihar. 
 
“They will have to submit a list of visitors to the superintendent in advance. Confidentiality will be maintained,” said the jail official cited above. 
 
In his affidavit, Kumar had also suggested a second option — a guest house at the new residential complex, which is a type V government accommodation with three double rooms, a single room and two toilets — but the conference facility was found more suitable to conduct business. The conference room is within the Tihar court complex, which usually convenes once a month to deal with petty offences. 
 
“It already is a secure place. There is one common entry and exit point that will be monitored by CCTV cameras,” said another official aware of the planning. 
 
Roy and the two directors will stay at the annexe attached to the conference room and will be free to conduct business through the night considering that they will be dealing predominantly with people in the US and Europe. However, secretarial staff will only be allowed at visiting hours. 
 
Tihar jail is a 200-acre facility, the largest prison complex in South Asia, and has different wards for different types of inmates — firsttimers, hardcore criminals and those over 60. Roy and the two directors are housed in a single room in the over-60 block where there are regular medical check-ups and sevadars to take care of prisoners’ basic needs. 
 For health reasons, Roy sometimes asks for khichdi from the jail canteen for which he pays, said the <keyword id="2456859" type="UNKNOWN" weightage="20" keywordseo="first-jail-official">first jail official</keyword> cited above. He sticks to himself for the most part and is usually meditating on his own, the person said.

Tihar Turns Business Centre For Sahara Chief Subrata Roy's Asset Sale Talks

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>It looks like Saudi billionaire Prince Alwaleed Bin Talal is not the only one interested in The Plaza hotel.
A group of investors that includes Pras Michel of the hip-hop group The Fugees and New York sports agent David Sugarman is also looking to take the hotel off majority stakeholder Sahara Group's hands, according to <a href="http://online.wsj.com/articles/investor-group-reaches-1-55-billion-deal-to-refinance-plaza-hotel-debt-1417461132">The Wall Street Journal</a>.
That's because Sahara's founder and chairman, Subrata Roy, is in jail right now and needs to raise money for bail.
He <a href="http://www.bbc.com/news/world-asia-india-26379739">was arrested</a> in February in the midst of an invester fraud court case in India, after failing to turn up for a hearing.
Now his conglomerate, Sahara Group, is looking to refinance its 75 percent stake in the property rather than sell it, according to the Journal.
Mirach Capital, the investors group, which is funded largely by a wealthy Indian family, has already agreed to lend $1.55 billion to Sahara, $900 million of which will go to debt refinancing. The rest will likely go toward Roy's bail.
But Mirach has made it clear their end goal is to own The Plaza, as well as two other hotels that Sahara currently owns.
Meanwhile, it's still unclear whether Prince Alwaleed, who currently owns the other 25 percent of the hotel, will make a deal with Mirach - or whether he's made a formal offer for Roy's stake in the property.

A Member Of The Fugees Is Prince Alwaleed's Competition For The Plaza Hotel

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>London's upscale Grosvenor House Hotel is up for sale after the owner, a subsidiary of Indian billionaire Subrata Roy's Sahara Group, defaulted on debts, <a href="http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11445940/Grosvenor-House-Hotel-put-up-for-sale-after-owner-placed-in-administration.html">The Telegraph's Andrew Trotman reported</a>.Roy - who's been in a New Delhi jail for the past year after ignoring a court order to return more than $3 billion in illegal bonds to investors - has been trying to mortgage the Grosvenor House, on London's Park Lane, as well as <a href="http://www.businessinsider.com/prince-alwaleed-is-buying-the-plaza-2014-12/#.VPX_2kjND9A">New York's Plaza Hotel</a> in order to make bail.The conglomerate said it still plans to refinance the hotel, despite defaulting on a Bank of China loan, <a href="http://in.reuters.com/article/2015/03/03/india-sahara-grosvenorhouse-idINKBN0LZ1OE20150303">Reuters</a> reported. Deloitte will now administer the Sahara subsidiary that owns the hotel.Sahara was recently in talks with US investors Mirach Capital to help pay a Bank of China loan, but it turned out that Mirach didn't actually have the necessary funds and had <a href="http://www.businessinsider.com/r-exclusive-indian-tycoon-roys-get-out-of-jail-deal-is-mired-in-mystery-2015-2">forged a bank</a> letter suggesting that they did.Roy needs to raise 100 billion rupees, or $1.6 billion, to make bail - the <a href="http://in.reuters.com/article/2015/03/03/india-sahara-grosvenorhouse-idINKBN0LZ1OE20150303">largest bail ever</a> set in India.Ironically, Sahara Group is actually worth about $11 billion, according to India's <a href="http://profit.ndtv.com/news/corporates/article-sahara-properties-that-may-buy-subrata-roy-freedom-385187">NDTV</a> - but most of that is in property and real estate (some 36,000 acres in total). So while the company's value is locked up in illiquid assets, its chairman and founder remains locked up behind bars. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/deepflight-super-falcon-submarine-2014-2">This Million Dollar Submarine Is Like An Underwater Plane For The Super-Rich</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZjajJuazreWS7pnof-GeGDDimHMc9ihy" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "Subrata Roy properties" and got 13 results

Auctioneers expect to raise Rs 6,500 crore by selling 4,700 acres of Sahara land

BI India Bureau

Supreme Court Allows Sahara Group To Raise $424 Million By Selling 4 Properties In India

BI India Bureau

Why Subrata Roy is reluctant to pay dues to investors?

Preetam Kaushik

Subrata Roy Demands Deal Room At Tihar

BI India Bureau

Supreme Court Refuses To Release Subrata Roy From Jail

BI India Bureau

Reubens to the Rescue, acquire Sahara hotels

BI India Bureau

Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say

BI India Bureau

Sahara Raising Funds, Rekindling Hopes for Subroto Roy’s Release?

BI India Bureau

Sahara gets 3 months lifeline

BI India Bureau

Sahara Deposits Rs 3,117 Crore, SC To Hear Subrata’s Bail Plea On Thursday

BI India Bureau

Tihar Turns Business Centre For Sahara Chief Subrata Roy's Asset Sale Talks

Ravi Teja Sharma

A Member Of The Fugees Is Prince Alwaleed's Competition For The Plaza Hotel

Portia Crowe

The Indian billionaire who tried to mortgage the Plaza Hotel to make bail is now selling London's Grosvernor House

Portia Crowe

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You Searched For "Subrata Roy properties" and got 13 results

Auctioneers expect to raise Rs 6,500 crore by selling 4,700 acres of Sahara land

BI India Bureau

Supreme Court Allows Sahara Group To Raise $424 Million By Selling 4 Properties In India

BI India Bureau

Why Subrata Roy is reluctant to pay dues to investors?

Preetam Kaushik

Subrata Roy Demands Deal Room At Tihar

BI India Bureau

Supreme Court Refuses To Release Subrata Roy From Jail

BI India Bureau

Reubens to the Rescue, acquire Sahara hotels

BI India Bureau

​Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say

BI India Bureau

Sahara Raising Funds, Rekindling Hopes for Subroto Roy’s Release?

BI India Bureau

Sahara gets 3 months lifeline

BI India Bureau

Sahara Deposits Rs 3,117 Crore, SC To Hear Subrata’s Bail Plea On Thursday

BI India Bureau

Tihar Turns Business Centre For Sahara Chief Subrata Roy's Asset Sale Talks

Ravi Teja Sharma

A Member Of The Fugees Is Prince Alwaleed's Competition For The Plaza Hotel

Portia Crowe

The Indian billionaire who tried to mortgage the Plaza Hotel to make bail is now selling London's Grosvernor House

Portia Crowe

Popular Keywords

Buying Guides

Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say