Subrata Roy's Sahara took yet another hit after the Qatar Investment Authority (QIA) abandoned talks to buy its London-based Grosvenor House Hotel, and two other hotels in New York. The withdrawal increases the likelihood of the trophy properties to be acquired by the Reuben brothers.
Sahara has been looking to sell its assets to extricate its founder, Roy, from jail. It had told Indian courts in July that it was nearing a deal with the QIA, who have been eyeing the London property for the past five years. People familiar with the decision to withdraw, said the debt situation was one of the factors that turned them off.
Meanwhile, the Indian Supreme Court decided to reconsider sending Roy back to Tihar Jail after he apologised for one of his lawyers, Rajeev Dhawan's behaviour. Senior lawyer Kapil Sibal, who represents Roy, came to court to plead for the extension of parole, conveying the chief's apology. "It was an ad hoc arrangement and he went beyond his brief. Whatever statements he made were uncalled for. One can't browbeat the court and throw your weight around. It is also painful for us. It is not we demand respect but the system," he said.
