Sahara on Tuesday sought permission from the Supreme Court to sell its 42% stake in Formula 1 team Force India, four airplanes and Mumbai's Sahara Star Hotel in order to get bail for founder Subrata Roy. The company said the sale of these assets will bring in Rs 3,000 crore of the Rs10,000-crore bail bond for his release, according to reports. It also said negotiations were underway to sell three overseas hotels – the Grosvenor House Hotel in London, the New York Plaza Hotel and the Dream New York Hotel.
The court was hearing a plea filed by market regulator Securities and Exchange Board of India to appoint a receiver to sell Sahara properties so that dues amounting to more than Rs 37,000 crore can be recovered, reported PTI. After receiving Sahara's proposal, a Supreme Court bench comprising Chief Justice TS Thakur and Justices AR Dave and AK Sikri sought a response from SEBI within four weeks. Roy was issued a non-bailable warrant by the court in February 2014 in a case involving Sahara's investors being duped of more than Rs. 20,000 crores.