The Sahara Group on Friday informed the Supreme Court that it has sold one of its nine domestic assets to raise Rs 411.82 crore and has given the amount to the Securities and Exchange Board of India.
It further submitted that the company had made some progress in its bid to sell its three overseas hotels — Dream Downtown and The Plaza in New York and Grosvenor House in London. For this, it said there was a need to amend the terms and conditions relating to loan and other transactions. Sahara has so far failed to sell its prime international properties.
Roy, who has been lodged in Tihar Jail since March 4 for non- refund of over Rs 20,000 crore with interest to depositors, was asked by the court to pay Rs 10,000 crore to get bail.
Senior advocate S Ganesh further said that Bank of China, which had lent money to Sahara for purchasing stakes in overseas hotels, recently raised issues regarding a development in which Sahara had entered into an agreement for the takeover of the loan. Ganesh added the company was about to sign a tri-partite agreement for a loan from a junior lender. If the deal fructifies, then Sahara will likely raise around Rs 3,600 crore.