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

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New Delhi | Published: August 14, 2015 10:09:45 PM

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.

subrata roy in jailSubrata 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.

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