Lalit Modi helps Sahara sell its U.S. hotels

Indian businessman Lalit Modi made a "surprise entry" into the Sahara housing bonds case in the Supreme Court, the Business Standard is reporting.

Modi is reportedly brokering a deal to help facilitate the release of Sahara chief Subrata Roy by arranging to sell some United States properties belonging to Sahara.

According to IBN Live, the announcement was made before the Supreme Court by U.S.-based Madison Capital, which said that it would buy two hotels owned by the company.

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Sreejit Tagore, a US based property consultant, told the court that when he approached Roy’s London-based son Sushanto Roy with an offer to buy the group’s stakes in New York Hotels, he was verbally directed to contact Lalit Modi. 

Judge TS Thakur checked with Tagore’s counsel if he was the “IPL Lalit Modi”. 

The counsel confirmed Modi’s identity and said that his client had written to Modi offering to buy stakes in New York’s Plaza and Dream Downtown hotels for $800 million. Tagore made these offers on behalf of his client Madison Capital LLC. 

However, Modi replied in a mail, which was also marked to Sushanto,  that the group was sitting on an offer for $965 million and therefore was not keen on selling it to Madison. 

Another buyer, Kane Partners Ltd, a UK based property firm, expressed interest in buying London’s Grosvenor House stake for 637 million pounds. Sahara owns a leasehold interest in Grosvenor House.