BackGrosvenor House Hotel sold to Qatar, Sahara tells Supreme Court
Advocate Kapil Sibal, appearing for Sahara, did not disclose the price at which the hotel was sold
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New Delhi: Sahara Group on Tuesday told the Supreme Court that the group’s top asset, the plush Grosvenor House Hotel in London, has been sold to the state of Qatar.
Advocate Kapil Sibal, appearing for the company, however did not disclose the price at which the hotel was sold. “We will submit the price at which we have sold in a sealed cover to the court," he told a bench headed by chief justice T.S. Thakur.
He also told the court that Sahara would have a surplus amount of ₹ 2,350 crore from the proceeds of the sale even after furnishing the bail bond for Sahara Group founder Subrata Roy.
The court was informed that another sale transaction for two other Sahara-owned hotels—Plaza Hotel and Dream Downtown in New York—is underway with VTB, a Russian Bank.
“80% of the transaction is done along with due diligence. We will inform the court shortly on the result," Sibal said.
The court also asked Securities and Exchange Board of India (Sebi) to respond to Sahara’s plea seeking the court’s permission to sell Sahara Star Hotel in Mumbai, its 42% stake in Sahara Fore India Formula 1 racing team and four small aircraft.
The proceeds of all sales will go towards securing bail for Roy. The case will be heard next on 29 March.
Sahara has filed a defamation case in a Patna court against Mint’s editor and some reporters over the newspaper’s coverage of the company’s dispute with the Securities and Exchange Board of India. Mint is contesting the case.
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