Sahara seeks SC nod to sell F1 shares, planes, hotels

Bid to raise funds for Subrata Roy's release

Sahara seeks SC nod to sell F1 shares, planes, hotels
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.

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.

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.

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

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.

Bengaluru properties
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.

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.

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