Plaza Hotel owner surrenders to Indian police

Subrata Roy was no-show at contempt hearing on alleged failure to repay bond investors

TRD New York /
Feb.February 28, 2014 01:32 PM

Subrata Roy, owner of The Plaza Hotel, turned himself into police Friday following his no-show at a contempt hearing in Indian Supreme Court.

The subject of an investigation into whether Roy failed to repay investors $3.9 billion following an illegal bond scheme, Roy previously said that he wouldn’t be able to appear for his court date because he had to care for his ailing 92-year-old mother. Nevertheless, the court ordered him to show, and police were dispatched to track him down when he did not.

Owner of $11 billion company Sahara, Which Owns The Plaza, Roy was barred from selling any of the firm’s assets or leaving India in November as the nation’s Highest Court investigated the conglomerate’s alleged violation of securities laws. Earlier reports indicated that Sahara was looking to sell its Plaza and Dream Downtown hotels, as well as the Grosvenor House in London. The group received a $1.6 billion offer for the trio of hotels from an unidentified Middle Eastern investor, according to previous reports. [NYP]Julie Strickland


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