The Supreme Court on Tuesday asked market regulator SEBI to look into new proposals of Sahara Group to raise funds for the release of its jailed chief Subrata Roy and refund to investors.
A Bench led by Chief Justice T.S. Thakur heard senior advocate Kapil Sibal's submissions that Sahara was in negotiations to sell its Mumbai hotel, Sahara Star, the company's 42 per cent share in Formula 1 and four aircraft.
Mr. Sibal further said discussions are also underway to sell three overseas hotels, Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels. Grosvenor House Hotel is being negotiated with the State of Qatar. He said Sahara has convinced a Russian bank to re-finance its two hotels in the United States.
Sahara also sought permission to sell its properties in Bangalore. The company has to arrange Rs 36,000 crore to pay off its investors.
Mr. Roy has been in jail since March 4, 2014 with two other directors of the Sahara companies.
