Two private firms move SC to buy Sahara's hotels abroad

Two private firms on Friday  moved the Supreme Court expressing their willingness to buy Sahara Group’s three hotels abroad, Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels, which will help raise money for the release of Subrata Roy from jail.

A Bench, headed by T S Thakur, agreed to hear on Monday the separate applications filed by Kane Capital Partners Limited, a Britain-based property developer and financier, and an  real estate agent abroad.

While the UK-based firm was willing to purchase the Grosvenor House Hotel, the real estate agent has sought clarification on the parameters that Sahara would follow in disposing of its two New York hotels. The UK firm has offered to pay ¤£637,000,000 million, translating to approximately Rs 6,370 crore.

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

The real estate agent has sought clarification on the parameters 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.

For interim bail of 67-year-old Roy, the court had put conditions like depositing Rs 5,000 crore in cash and a bank guarantee of equal amount and tough terms including payment of the entire Rs 36,000 crore, which includes interest, in 18 months to SEBI-Sahara account. The money will be paid back to the investors of Sahara.

Roy is in jail since March 4, 2014 with two other directors of Sahara companies -- Ravi Shankar Dubey and Ashok Roy Choudhary.