Lalit Modi's name emerges in Sahara case

Disgraced former IPL boss Lalit Modi's name cropped up in the Supreme Court on Monday as the person helping the beleagured Sahara group in selling its offshore properties though the business house denied it.

Representing US-based investment banker, Madison Capital Holding LLC, a lawyer submitted before a three-judge bench presided over by Justice T S Thakur that Modi's name was suggested for working out a deal to sell the US properties of Sahara group.

He said Sahara chief Subrata Roy’s son Sushanto Roy had “orally” asked for Modi's help in selling off the assets, which the former IPL commissioner had put at $965 million.

Justice Thakur asked the lawyer in open court is it Lalit Modi of IPl.

As the lawyer nodded in affirmative, the bench asked senior advocate Kapil Sibal, appearing for Sahara, if it was selling these properties.

Sibal, on his part, replied in the negative and said there were already two offers to develop these properties which will fetch around $6 million, equivalent to around Rs 36,000 crore.

He also went on to submit the documents and the memorandum of understanding signed with some of those entities in a sealed cover. Something positive would happen before the next court hearing on September 14, he added.

Meanwhile, the Sahara group told the court that the loan on hotels that was given by Bank of China has been taken over by Reuben Brothers whose main activities are in real estate, private equity and venture capital.