Sold stake in Grosvenor House to UK’s GH Equity, Sahara tells SC

Grosvenor House Hotel

Court gives 10 working days for repatriation of 75 mn pounds towards payment to Sebi

Latest news : The Sahara group today told the Supreme Court that it has sold its interests in London’s Grosvenor House hotel to GH Equity UK. Sahara counsel Kapil Sibal told the bench of Dipak Misra and Ranjan Gogoi that the sale has been completed and sought permission of the court to transfer funds from the deal to the Sebi-Sahara refund account.

 

While Sibal did not disclose the exact amount of the consideration, he said about 75 million pounds was being brought to India and suggested that the transaction also involved refinancing of funds connected to its interests in the Plaza and Dream Downtown Hotels in New York. According to the court’s order in April, Sahara was to deposit Rs 1,500 crore by June 15 and a further Rs 522 crore by July 15.

 

A post-dated cheque for Rs 1,500 crore given by the group was dishonoured. Following this, the group was able to arranged a remittance of Rs 790.18 crore as of Monday. After Sibal cited technical difficulties as the buyer of the London properties insisted on remittance to the Sebi- Sahara account, the bench allowed the group 10 days for the remaining sum of Rs 709.82 crore to be remitted.

Also read  : NEST 2017 result is out, download it here

 

 

Posting the matter to July 5, Misra warned that the court would be “compelled to send the contemnors to custody” if the new deadline was not adhered to. “Pay and get out,” he added.

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