Sahara says willing to sell overseas hotels to raise Rs10,000 crore
Moneylife Digital Team 19 May 2014
The new bench of Justices TS Thakur and AK Sikri, however, refused to allow a plea for putting Roy under house arrest in Lucknow instead of keeping him in Tihar jail.
 
The Sahara Group on Monday told the Supreme Court that it is willing to sell hotels located in New York and London to raise Rs10,000 crore.
 
The company said this in response to the apex court asking it to come out with a proposal which is logical and acceptable to it on payment of Rs10,000 crore for release of its chief Subrata Roy
 
Meanwhile, the Supreme Court refused to allow a plea for putting Roy under house arrest in Lucknow instead of keeping him in Tihar jail.
 
The bench consisting of Justice TS Thakur and Justice AK Sikri heard Roy’s counsel Abhishek Manu Singhvi who sought 60 days time out to arrange the amount demanded by the court.
 
The Sahara group owns the hotel “Sahara Star” in Mumbai, a 5-star hotel spread over 7.42 acres adjacent to the Chhattrapati Shivaji International Airport. The group also owns the Grosvenor House Hotel in London (UK). Earlier in December 2012, it bought controlling stake in New York’s prestigious Plaza Hotel for $570 million.
 
According to a report from The Hindu, Justice KS Radhakrishnan, who retired last week and Justice JS Khehar, who recused himself from the case, made scathing comments and criticised Sahara group’s five lawyers of conscious snubs against the judges, bench hopping (avoiding), continuous adjournments and every other trick. "The judges in their 240-page order, said they were intimidated by the company’s lawyers, who wanted them to recuse. In their order, the justices lambasted senior advocates Ram Jethmalani, Rajeev Dhawan, Rakesh Dwivedi, S Ganesh and Ravi Shankar Prasad for 'arm-twisting the bench', " the report says.
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