Sahara Chief Subrata Roy tries to sell the New York Plaza from Tihar Jail
One of the biggest known companies of India, Subrata Roy was sentenced to Tihar Jail in the month of March 2014 as he was unable to persuade the judges that he was willing to return the money amounting to around 20,000 crores, back to the investors who were cheated in the bond scheme launched by the Company. This scheme was deemed unlawful. At that time judges were not happy with the demeanor of Roy as he tried to project himself a human being who is fun loving and enjoys life. Judges view didn’t go well with idea of Roy as they were more interested in the plan in through he aims to return the money of investors of small villages and towns.
Sahara Chief was embarrassed by many situations including the one in which on of the lawyer through ink on him saying he is the person who is involved in robbing money from poor. This financial situation of the company started to shake in the year 2008 when major part of the firm’s operation was shut down as per the order of the court.
In five month after being in the biggest jail of India, Tihar, Roy who is the owner of one of the most prestigious hotels like New York Plaza and London’s Grosvenor House is planning to sell these propertied out. In order to post bail and get out of Tihar Jail, he need to give a security deposit of Rs 10,000 crores and for this he is ready to sell two of his popular properties in New York. He has been given the privilege to set up a reserved office very close to the Tihar jail’s head quarter.
He has been given permission to meet potential visitors who might be able to sell and lease his property in order to raise money for bail. As per the statement of the bank officials he can even hold video conference in his office which is merely 56 Sqm. Just beside this office there are three beds put up for Roy and his two other associates who have been jailed along with him. Based on the orders of the court special arrangements have been made due to which he can now meet people all day long. Initially Roy was not sure whether he will be able to get the money arranged but now he is sure that it can arranged through this office cum cell. This is one of the largest bails that have ever been posted for someone’s release. He has not yet been charged against the dispute raised as he is against any unlawful activity.
As per Roy, New York Plaza is one of the property which can help in raising quick money as it is considered a vintage hotel and partly owned by Kingdom of Saudi Arabia. In this hotel even a single night can cost a person nearly $30000. Roy had purchased this plaza for nearly $570 Millions and Grosvenor House for about $790 million.
Even though many might think if he can get potential buyers but as per market consultants, a property like this will attract any buyer. And even though Roy is under surveillance all the time, he is determined to get the money for bail, all the take has to be taken as the sale can’t be done in hurry even though the deadline given by the court is approaching. If required, extension might be requested on the deadline.
Even though the Company was into selling products into small villages and town, out of which some of were deemed against the law and created problems for Roy, but whatever it takes, the property will be sold and he will be out in his fashionable style.
