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BW Businessworld

Sahara OffersTo Sale NY, London Hotels To Raise Money

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The Supreme Court on Monday (19 May) asked Sahara Group to come out with a "logical" and "acceptable" proposal on paying Rs 10,000 crore for getting its chief Subrata Roy out of jail while refusing to entertain his plea for being put under house arrest in Lucknow.
A new bench comprising justices T S Thakur and A K Sikri, constituted after J S Khehar recused himself from hearing the matter, said that stalemate won't help anyone and asked the group to come out with a fresh proposal.
The Sahara Group told the Supreme Court on Monday (19 May) that it is willing to sell hotels located in New York and London to raise Rs 10,000 crore.
The company said this in response to the apex court asking it to come out with a proposal which is logical and acceptable to it on payment of Rs 10,000 crore for release of Subrata Roy.
The company had earlier sought permission to sell Aamby Valley in Pune to generate funds. The court, however, had rejected it.
65-year-old Roy has been in jail since March 4 for non-refund of over Rs 20,000 crore to depositors. He was sent to jail for not complying with the top court's order to deposit the funds with market regulator SEBI.
The bench in a strongly-worded judgement had come down heavily on the Group for "systematically" frustrating and flouting all its orders with impunity.
It had said the Group "adopted a demeanour of defiance constituting a rebellious behaviour, not amenable to the rule of law" and justified its decision to send Roy along with two promoters of two Sahara companies to jail.