Sahara’s SC Proposal for Boss’ Bail: Sell Mumbai Hotel, Aircrafts

The group was in negotiation to sell Sahara Star (Mumbai) and its 42 per cent share in Formula 1, among others.

Sahara Group chief Subrata Roy. (Photo: PTI)

Embattled Sahara Group, on Tuesday, came up with a fresh proposal before the Supreme Court for the sale of its assets to raise the amount for the release of its jailed chief Subrata Roy.

Sahara’s counsel and senior advocate, Kapil Sibal, said the group was in negotiation to sell its Mumbai hotel – Sahara Star, company’s 42 per cent share in Formula 1 and four aircraft.

Further, the Group said negotiations were underway to sell three overseas hotels, Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels.

The counsel said Grosvenor House Hotel is being negotiated with the State of Qatar which will fetch around Rs 2,300 crore. 

Further, the Group has convinced a Russian Bank to refinance its two hotels in the United States. Sahara also sought permission to sell its properties in Bangalore. The group has to arrange Rs 36,000 crore for making the payment in the SEBI-Sahara account for refunding the money to its investors.

A bench, comprising Chief Justice TS Thakur and Justices AR Dave and AK Sikri, sought response from the market regulator SEBI within four weeks.