Supreme Court lets Subrata Roy sell stake luxury hotel in London

Supreme Court grants Subrata Roy 10 more days to deposit Rs 709.82 crore

Supreme Court grants Subrata Roy 10 more days to deposit Rs 709.82 crore

In a written undertaking, Subrata Roy told the top court that he would pay Rs.1,500 crore in SEBI-Sahara account by 15 June and furnished a post-dated cheque for Rs.552 crore to be released by 15 July.

On Monday, Sibal revealed that Sahara had managed to sell off one of its three worldwide hotels - London's Grosvenor Hotel.

Sahara informed the Supreme Court that it has sold off its stake in London Hotel, Grosvener House, to one GH Equity UK for 575 million pounds so as to clear its dues to market regulator Sebi.

The beleaguered business group has also deposited Rs 7.9 bn with the SEBI in the past few week following the SC's order in April to deposit Rs 15 bn to extend the parole of Subrata Roy, the head of the Sahara Group.

Appearing for Roy and the Sahara group, senior lawyer Kapil Sibal submitted that the London sale had been completed and applied for permission from the court to transfer the procured funds to the Sebi-Sahara refund account, which was accepted by a bench of Justices Dipak Misra and Ranjan Gogoi.

At the outset, Sibal said that out of Rs 1,500 crore, which was to be paid by June 15, the Sahara chief has deposited Rs 790.18 crore and ten more working days be granted to him to comply with the undertaking given by him on April 27.

The court on Monday allowed Sahara to pay Rs 7.1 bn by July 4.

"The said amount is 62 per cent of the circle rate and, thereby, less than 38 per cent of the circle rate".

Earlier, the court was irked over non-submission of money and had made a decision to sell off Rs 34,000 crore worth of properties of the Sahara Group at the Aamby Valley. Roy's pleas to prevent the auctioning of this jewel fell on deaf ears as a three judge bench had fixed the fair market price and instructed the Bombay High Court - the official liquidator - "to proceed with the formalities of auction by preparing the draft terms and conditions and other formalities" of more than 8,000 acre property.

The court said that it would take a call on this in the next hearing of the matter on July 5.