Sahara offers to sell overseas hotels to repay investors

Sahara Group has three "valuable" hotels in New York and London and is prepared to sell them to comply with a court order to repay investors in outlawed bonds, Reuters reports. The move is Sahara's latest attempt to have its chairman, Subrata Roy, released from jail.

Roy was jailed after failing to appear at a contempt hearing in a long-running legal battle between his group and the Indian capital markets regulator.

The Supreme Court has ordered Sahara, whose assets include the Plaza hotel and Dream Hotel, in New York, and Grosvenor House in London, to deposit an initial $1.7 billion to secure the release of Roy on bail.

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On Monday, Sahara's lawyers told the court that the group was willing to sell the three hotels to raise funds, but sought Roy's release to facilitate any possible deal.

Roy has not been charged with a crime.

Sahara has long argued that it has paid most bond investors and its liability was less than the 51.2 billion rupees it had deposited with the markets regulator, a position the regulator and the court have disputed.

 

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