Repay by selling assets- Sahara hatches a plan
Subrata Roy led Sahara Group had its plea rejected by the Supreme Court of India last week, and sources say the group would have to repay INR 10000 crores if the bail has to be realized. Keeping this in mind, Sahara Group on Monday proposed to sell one of it’s prized possessions which would help make repayments.
One of the crown jewels of Sahara Group, an overseas venture would be up in the market for sale. This is as complying with the orders of the court which would help the group pay back investors in outlawed bounds. Apart from this, the group by selling one of the assets most prized would also then bid for the release of Subrata Roy who at present is at Tihar Jail since March 4th.
Sources say the Supreme Court of India has asked the group to start repaying investors their money back, and to sell of assets such as the Landmark Plaza hotel in the US, the Grosvenor House in London and many others which would help them deposit around INR 100 billion. The amount mentioned would also help release Subrata Roy on bail.
In the past the group wanted to have installment schemes to initiate the process of Roy’s bail, but that was rejected by the Supreme Court of India. It is this Monday when the group decided to sell its prized assets and do the needful to bring Roy back home.
Source: Financial Chronicle
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