Sahara sells Grosvenor House, SC reprieve on full deposit
Jun 20 2017 by Johnny Bowman
Giving some relief to the embattled Sahara Group, the Supreme Court on Monday allowed the group to sell off its interests in the Grosvenor House Hotel of London to GH Equity UK which will enable the group to collect funds to secure the bail of chief Subrata Roy, now embroiled in a case involving illegal collection of money from investors.
After senior lawyer Kapil Sibal appearing for Roy and the group submitted that the sale has been completed and sought permission of the court to transfer funds from the deal to the Sebi-Sahara refund account, a bench of Justices Dipak Misra and Ranjan Gogoi allowed the same.
The Supreme Court on Monday warned Sahara chief Subrata Roy that he would be sent to custody if he is unable to deposit the balance amount of Rs 710 crore out of the promised Rs 1,500 crore to Sebi by July 4.
Roy, who was present in courtroom, had told the court that he will pay Rs 1,500 crore on or before June 15 and Rs 552.22 crore exactly a month thereafter.
The court, meanwhile, declined a plea by the Sahara Group to sell 87 acres in Haridwar, Uttarakhand, at less than 38% of the circle rate.
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So far, the company has deposited a total of Rs790.18 crore with the Sebi-Sahara account.
The top court had by its earlier order had permitted the sale of Sahara properties at a price which is 10 per cent less than the prevailing circle rates.
Irked over non-submission of money, the Supreme Court, on April 17, made a decision to sell property worth ₹34,000 crore belonging to the Sahara group in Maharashtra's Aamby Valley and had sought Mr. Roy's presence before it. If money comes, there is no pleasure in sending contemnor (Roy) to jail.
It had on May 6, 2016 granted Roy four-week parole toattend his mother's funeral. Roy will be sent to jail if the cheques are dishonoured.
Besides Roy, two other directors - Ravi Shankar Dubey and Ashok Roy Choudhary - were arrested for failure of the group's two companies - Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors.