1. Two foreign firms move Supreme Court to buy Subrata Roy led Sahara Group’s overseas hotels

Two foreign firms move Supreme Court to buy Subrata Roy led Sahara Group’s overseas hotels

Two private firms today moved the Supreme Court expressing their willingness to buy Sahara Group's three overseas hotels, Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels, which will help raise money for release of Subrata Roy from jail.

By: | New Delhi | Published: August 14, 2015 10:09 PM
subrata roy in jail

Subrata Roy is in jail since March 4, 2014 with two other directors of Sahara companies — Ravi Shankar Dubey and Ashok Roy Choudhary. (PTI)

Two private firms today moved the Supreme Court expressing their willingness to buy Sahara Group’s three overseas hotels, Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels, which will help raise money for release of Subrata Roy from jail.

A bench, headed by Justice T S Thakur, agreed to hear on August 17 the separate applications filed by Kane Capital Partners Limited, a Britain-based property developer and financier, and an overseas real estate agent.

While the UK-based firm was willing to purchase the Grosvenor House Hotel, the real estate agent has sought clarification on the parameters that Sahara would follow in disposing of its two New York hotels.

The UK firm has offered to pay 637,000,000 million British Pound Sterling, translating to approximately Rs.6,370 crore.

It has also sought directions to Sahara to complete the purchase transaction free from all interference, encumbrances and hindrances within the earliest timeframe in a transparent step-by-step manner.

The real estate agent has sought clarification on the parameters Sahara would like to have in selling its New York hotels as it claimed that Sahara has been turning down several offers to buy these hotels.

For interim bail of 67-year-old Roy, the court had put conditions like depositing Rs 5,000 crore in cash and a bank guarantee of equal amount and tough terms including payment of the entire Rs 36,000 crore, which includes interest, in 18 months to SEBI-Sahara account. The money will be paid back to the investors of Sahara.

Subrata Roy is in jail since March 4, 2014 with two other directors of Sahara companies — Ravi Shankar Dubey and Ashok Roy Choudhary.

  1. N
    Narendra M
    Aug 15, 2015 at 8:07 am
    (1) Apparently, value of many ets of Sahara group appears to be stated far in excess of their real value. Let us see whether of two hotels provide relief to Sahara group boss. (2) Public memory is short; hence it is necessary to remind ourselves why Sahara group boss and his two directors are in jail. Two companies of Sahara group invited subscription to Bonds of two companies of Sahara group and raised money in an unauthorised manner. That is why first SEBI and then the Supreme Court had ordered these companies to refund money collected in unauthorised manner to all Bondholders. As companies failed to do that the Court regarded this defiance of its order as a serious offence. It then ordered that till money is deposited with SEBI, Sahara boss and his two directors would have to be in jail. (3) Sahara boss knows all this but his lawyers continue to plead that Sahara boss is in jail for no reason. The Supreme Court has time and again reiterated its position that since Sahara boss has failed to deposit required amount demanded by the Court with SEBI, he would be in jail. Question is this: Is it so difficult for him to do that or is there any other plan in his mind?
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