Sahara has informed the Supreme Court of India that it has sold off its stake in London Hotel, Grosvener House, to company GH Equity UK for £575 million in order to clear its dues to market regulator Sebi. Senior counsel, Kapil Sibal, representing the firm, informed a bench headed by Justice Dipak Misra that it had sold the Grosvenor House to GH Equity UK and the latter now needs permission to transfer of funds expected to come within 10 working days. He added that over £75 million was being sent to India, and the transaction involved refinancing of funds connected to its interests in two other New York hotels - the Plaza and Dream Downtown Hotels.
The SC had accepted Sahara chief Subrata Roy's undertaking to pay £150 million by June 15, after refusing to stop the auction process for sale of Sahara's luxurious 8,900-acre Aamby Valley City project. He had also promised to pay two other instalments of £55.2 million and £300 million by July 15 and October 30, respectively. The bench also granted an extension of 10 working days to Sahara to pay balance amount of £70.88 million out of the promised £150 million. So far, the company has paid a total of £79.01 million with the Sebi-Sahara account.
The bench had warned that if Sahara defaulted in the payment of the balance amount, they will be compelled to send Roy to custody upon failure to honour the payment by July 4.
