Some relief for Debt laden Sahara Group- SC orders allow the sale of assets in London & NY
There is some good news for the chief of the Sahara India group Subrata Roy who was arrested a few weeks ago in Lucknow. The Supreme Court (SC) bench comprising of Justices T.S. Thakur and A.K. Sikri on Thursday allowed the Sahara Group to initiate the sale process of its shares in three hotels, one in London and two in New York. Within a week the details of its three premier hotels — Grosvenor Hotel, London: Plaza Hotel, New York and Dreams Downtown Hotel, New York needs to be submitted before the bench of SC.
The SC also hinted that the Sahara Group might shortly get an approval to sell its nine properties (located in Amritsar, Ahmedabad, Chauma, Ajmer, Bhopal, Bhavnagar, Jodhpur, Pune and Vasai) and mortgage Aamby Valley to raise Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee which is crucial for the release of its chief Subrata Roy. It is expected that the sale of nine properties will raise Rs 4,298 crore. The SC is ready to defreeze Sahara Group’s bank accounts containing Rs 2,421.67 crore, and allow the group to mortgage part of its holdings in the Aamby Valley project near Mumbai.
Source- The Financial Express
Sahara India group, Sahara India Pariwar, Sahara India Real Estate, sale of assets in London & NY, subrata, Subrata Roy
