Subrata Roy, the chief of the Sahara conglomerate, may be allowed by the Supreme Court to use the conference room at Delhi’s Tihar Jail and also get wi- fi installed for his business activities.
Mr Roy, 66, is in jail for last 3 months has been arrested over his group’s failure to repay lakhs of small investors who were sold bonds that were later declared illegal. Numerous attempts by lawyers to have him released on bail have been unsuccessful. The court had asked Sahara to deposit Rs. 10,000 crore initially to secure the release of its top man on bail.
Sahara, whose assets include the landmark Plaza hotel in New York and Grosvenor House in London, has also offered to sell its three overseas hotels to meet the payment demands. The judges asked for more information, including approval from Bank of China, with which the assets are pledged.
Roy’s lawyers say he needs to be able to meet with representatives of prospective buyers and conduct negotiations through videoconferencing. Jail officials say any facilities including laptops and Wi-Fi would have to be paid for by Sahara.