Selling Indian and International Properties: Only option for debt laden Sahara Group
Once profitable Sahara group is now at the verge of bankruptcy and is looking at the means to raise funds to pay for the bail of their chief. Sahara chief Subrata Roy on Thursday requested the Supreme Court (SC) to allow him parole for, at least, 40 days to sell his properties to raise Rs 10,000 crore for his release from Tihar jail.
The SC had already given directives to look for prospective buyers to sell off the three luxury hotels — Dream Downtown and The Plaza in New York and Grosvenor House in London, and the chief wants to be out on parole to oversee the transactions which is expected to bring in Rs 11,000 crore.However, Sahara will get only Rs 5,000 crore after deduction of loan and other charges.
The SC first wants the group to sell off their property in India before looking at selling the international properties. Advocate Rajiv Dhawan, appearing for Roy, however, submitted that Rs 5,000 crore might not be raised by selling assets situated in the country and pleaded the court to allow Roy to sell off the offshore properties.
A bench headed by Justice T S Thakur, A R Dave and A K Sikri mentioned that they do not have any problem in allowing the company to sell properties provided that transaction is fair, genuine and there is no undervalue of the property. However they have apprehension about the valuation of the properties in a foreign land and hence want more time to discuss the situation with the overseas real estate experts.
Source- The Financial Express
Sahara chief Subrata Roy to remain in jail, Sahara Group, Sahara India chief Subrata Roy's release, Subrata Roy, Supreme Court on Wednesday refused to release Subrata Roy
