Sahara looking for global buyers to sell properties

Sahara Group today again made a plea before the Supreme Court for release of its chief Subrata Roy, saying that the group is looking for global buyers to sell its assets and no international buyer would like to visit the jail to negotiate a deal.

Sahara chief's counsel Ram Jethmalani told the top court that conditions in Tihar Jail are over-crowded and "we found an international buyer but which international buyer would go to Tihar for negotiations".

Mr Jethmalani also said Mr Roy may be kept under house arrest with conditions like reporting to the court every day.

The Supreme Court is today hearing a petition filed by Sahara chief seeking quashing of March 4 order sending him and two other top Sahara executives to jail.

Mr Roy, 65, was arrested on February 28 and has been held in Delhi's Tihar Jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between the group and the securities regulator over refund of crores to nearly thirty lakh investors.

The top court had earlier granted conditional bail to Mr Roy, saying that he has to pay Rs 5,000 crore in cash and another Rs 5000 crore in bank guarantee.

Sahara is best known as the former main sponsor of India's national cricket team, as well as owner of New York's Plaza Hotel and London's Grosvenor House. It has a net worth of $11 billion or around Rs. 66,000 crore ($1=Rs. 60) and more than 36,000 acres of real estate, according to its website. It also co-owns the Sahara Force India Formula One auto racing team with liquor baron Vijay Mallya.