SC to hear on August 17 plea to buy Sahara's overseas hotels

The Supreme Court will hear on Monday a plea by two private parties seeking to buy Sahara group's three overseas hotels -- Grosvenor House Hotel in London and the New York Plaza and Dream New York hotels.

A bench headed by Justice T.S. Thakur agreed to hear the plea when it was mentioned before the court on Friday.

Kane Capital Partners Limited, a Britain-based property developer and financier, in its application said it was "immediately ready, willing and able to purchase the Grosvenor House Hotel (GHH) free from any debts and encumbrances on an 'as is' basis".

Seeking direction to Sahara to sell GHH, Kane Capital said it was willing to pay 637,000,000 million British Pound Sterling, translating to approximately Rs.6,370 crore.

It also sought directions to Sahara to complete the purchase transaction free from all interference, encumbrances and hindrances within the earliest time frame in a transparent step by step manner.

In another application, an overseas real estate agent sought clarification on the parameters that Sahara would follow in disposing its two New York hotels.

The real estate agent sought clarification on the parameters that Sahara would like to have in selling its New York hotels as it claimed that Sahara has been turning down several offers to buy these hotels.

Subrata Roy and two other directors of Sahara companies -- Ravi Shankar Dubey and Ashok Roy Choudhary -- are in judicial custody since March 4, 2014 for the failure of SIRECL and SHICL to comply with the apex court's August 31, 2012 and December 5, 2012, order to return investors' money.

The court directed the Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to deposit Rs.10,000 crore -- Rs.5,000 crore in cash and Rs.5,000 crore in bank guarantee -- as a part payment of Rs.24,000 crore it had collected from investors through OFCDs in 2008 and 2009. Now that amounts stands at about Rs.36,000 crore.