<div>Beleaguered Sahara Group on Tuesday sought permission from the Supreme Court to sell its shares in Formula 1 team, four aircraft and hotels to raise money for releasing its jailed chairman Subrata Roy.<br /><br />A three-judge bench presided by Chief Justice T S Thakur sought response from market regulator Sebi within four weeks on the fresh proposal made by senior advocate Kapil Sibal.<br /><br />Sibal said Sahara was in negotiation to sell its Mumbai hotel — Sahara Star the company’s 42 per cent share in Formula 1 and four aircraft.<br /><br />Further, the company said negotiations were underway to sell three overseas hotels — Grosvenor House Hotel in London, New York Plaza and Dream New York.<br /><br />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 re-finance its two hotels in the United States.<br /><br />Bengaluru properties<br />Sahara also sought permission to sell its properties in Bengaluru. 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.<br /><br />The court had directed the company to pay Rs 5,000 crore in cash and a bank guarantee of equal amount for interim bail of Roy, who along with two other directors are in jail since March 4, 2014.<br /></div>
<div>Beleaguered Sahara Group on Tuesday sought permission from the Supreme Court to sell its shares in Formula 1 team, four aircraft and hotels to raise money for releasing its jailed chairman Subrata Roy.<br /><br />A three-judge bench presided by Chief Justice T S Thakur sought response from market regulator Sebi within four weeks on the fresh proposal made by senior advocate Kapil Sibal.<br /><br />Sibal said Sahara was in negotiation to sell its Mumbai hotel — Sahara Star the company’s 42 per cent share in Formula 1 and four aircraft.<br /><br />Further, the company said negotiations were underway to sell three overseas hotels — Grosvenor House Hotel in London, New York Plaza and Dream New York.<br /><br />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 re-finance its two hotels in the United States.<br /><br />Bengaluru properties<br />Sahara also sought permission to sell its properties in Bengaluru. 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.<br /><br />The court had directed the company to pay Rs 5,000 crore in cash and a bank guarantee of equal amount for interim bail of Roy, who along with two other directors are in jail since March 4, 2014.<br /></div>
