New Delhi: Sahara Group on Monday offered to sell its crown jewel overseas hotels to comply with a court order to repay investors in outlawed bonds, in its latest bid to have its chief released from jail, where he has been held since March 4.
Sahara chairman Subrata Roy was jailed after failing to appear at a contempt hearing in a long-running legal battle between his group and the Sebi.
The Supreme Court has ordered Sahara, whose assets include the landmark Plaza hotel in New York and Grosvenor House in London, to deposit an initial Rs 10,000 crore to secure the release of Mr Roy on bail.
Sahara’s earlier proposals to pay the money in instalments were rejected by the court. On Monday, Sahara’s lawyers told the court that the group was willing to sell the three hotels it owns in London and New York to raise funds, but sought Mr Roy’s release to facilitate any possible deal.
In a separate incident, the Supreme Court on Monday refused to put Sahara chief Subrata Roy under house arrest in Lucknow, saying he will have to remain in the Tih-ar Jail until the payment of Rs 10,000 crore.
