Sahara on Monday informed the Supreme Court that it has sold off its stake in London Hotel, Grosvener House, to one GH Equity UK for 575 million pounds so as to clear its dues to market regulator Sebi. Sahara’s senior counsel Kapil Sibal told a bench headed by Justice Dipak Misra that it had sold the Grosvenor House to GH Equity UK and the later needs permission for transfer of funds, which will come within 10 working days. He further said that about 75 million pounds was being brought to India and the transaction also involved refinancing of funds connected to its interests in other two New York hotels -the Plaza and Dream Downtown Hotels.
The bench also granted an extension of ten working days to Sahara to pay balance amount of Rs709.82 crore out of the promised Rs1,500 crore.
So far, the company has deposited a total of Rs790.18 crore with the Sebi-Sahara account. The apex court had on April 27 accepted Roy’s undertaking to pay Rs1,500 by June 15 while refusing to halt the auction process for sale of its luxurious 8,900-acre Aamby Valley City project. Roy had also promised to pay other two instalment of Rs552 crore and Rs3,000 crore by July 15 and October 30, respectively.
The judges also warned that if Sahara defaulted in the payment of the balance amount, they will be compelled to send Sahara chief Subrata Roy to custody upon failure to honour the payment by July 4. It also fixed the next date of hearing on July 5. The bench also cleared way for auction of 87.03 acre of land owned by Sahara in and around Haridwar and directed Sebi to conduct e-auction on or before July 5. This was done after the group sought permission to sell the land for Rs109 crore, which is about 38% less than the circle rates.
Meanwhile, the official liquidator of the Bombay High Court told the judges that the terms and conditions for the auction of Amby Valley project has been finalised and it is awaiting the court’s nod to go ahead with the auction process. On April 17, the bench had directed the auction of Aamby Valley, located in Pune district, after Sahara failed to deposit Rs5,092.64 crore with the capital markets regulator.