Sold stake in Grosvenor House to UK's GH Equity, Sahara tells SC
Court gives 10 working
days for repatriation of 75 mn pounds towards payment to Sebi
Latest
news : The Sahara group today told the Supreme Court that it has
sold its interests in London's Grosvenor
House hotel to GH Equity UK. Sahara counsel Kapil Sibal told the bench
of Dipak Misra and Ranjan Gogoi that the sale has been completed and sought
permission of the court to transfer funds from the deal to the Sebi-Sahara
refund account.
While Sibal did not disclose the
exact amount of the consideration, he said about 75 million pounds was being
brought to India and suggested that the transaction also involved refinancing
of funds connected to its interests in the Plaza and Dream Downtown Hotels in
New York. According to the court's order in April, Sahara was to deposit Rs
1,500 crore by June 15 and a further Rs 522 crore by July 15.
A post-dated cheque for Rs 1,500
crore given by the group was dishonoured. Following this, the group was able to
arranged a remittance of Rs 790.18 crore as of Monday. After Sibal cited
technical difficulties as the buyer of the London properties insisted on
remittance to the Sebi- Sahara account, the bench allowed the group 10 days for
the remaining sum of Rs 709.82 crore to be remitted.
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