1. UK firm moves Supreme Court to buy Subrata Roy’s Sahara Group hotel

UK firm moves Supreme Court to buy Subrata Roy’s Sahara Group hotel

UK-based developer-cum-financier Kane Capital Partners on Friday moved the Supreme Court seeking to buy Sahara’s Grosvenor House Hotel (GHH) in London for Rs 6,370 crore.

By: | Published: August 15, 2015 1:11 AM

UK-based developer-cum-financier Kane Capital Partners on Friday moved the Supreme Court seeking to buy Sahara’s Grosvenor House Hotel (GHH) in London for Rs 6,370 crore. It also sought expeditious endorsement and approval of its offer for the purchase in a “transparent manner and in the interest of the nation”.

The firm stated it is willing to buy the London hotel free from any debts and encumbrances on an ‘as is’ basis for £637,000,000 translating to approximately R6,370 crore.

“Direct the respondent (Sahara) to complete the purchase transaction free from all interference, encumbrances and hindrances within the earliest time frame in a transparent step by step manner in strict compliance with the court orders,” the application filed through AP&J Chambers stated.

Kane Capital also told the SC it had the financial capacity to buy the property and to prove bonafide it also placed a letter by HSBC bank as proof. The money can be transferred within seven banking days into its solicitors designated client escrow account, it said. According to the prospective buyer, its offer to buy GHH is backed with cash and does not require any third party consent or any investment committee approval or debt sanction in order to effect and finalize the purchase. “That the Applicant’s offer is at least 27% higher than the recent valuation obtained by the international property consultant advising the Bank of China,” its application stated.

An application was also moved before the SC by a New York-based agent informing it as to how Sahara had twice declined offers made by prospective buyers to purchase all the three international properties.

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