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Sahara <keyword id="6369681" type="POSITION" weightage="20" keywordseo="chief">chief</keyword> <keyword id="31933" type="PERSON" weightage="20" keywordseo="Subrata-Roy">Subrata Roy</keyword> might be in jail and surviving the heatwaves of May, but his ambition seems to be kissing the sky. 
 The debt ridden <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara Group</keyword>, which failed to produce a Rs 10,000 crore bond to release it’s supremo is bidding for <keyword id="6354968" type="COMPANY" weightage="20" keywordseo="London">London</keyword>'s iconic Grosvenor House hotel. As per a news report in The Economic Times Sahara had bought the property in 2010 and lost control after defaulting on a loan, marking a bizarre twist in a long-running <keyword id="45535" type="UNKNOWN" weightage="20" keywordseo="Saga">saga</keyword> in which the group's founder has spent more than a year behind bars. 
 
 Sources have informed the ET, Sahara Group, via its subsidiary <keyword id="2870977" type="UNKNOWN" weightage="20" keywordseo="Amby-Valley-Mauritius">Amby Valley Mauritius</keyword>, has emerged as one of the bidders. Other bidders are Constellation <keyword id="6368036" type="PERSON" weightage="20" keywordseo="Hotels">Hotels</keyword> Holding, M&amp;G Prudential, Abu Dhabi Investment Authority and China's <keyword id="382183" type="ORGANIZATION" weightage="20" keywordseo="Fosun-Group">Fosun Group</keyword>. 
 The sources have also confirmed that the bids received so far are in the range of £600-625 million (up to nearly Rs 6,150 crore. <keyword id="624039" type="COMPANY" weightage="20" keywordseo="The-Bank-of-China">The Bank of China</keyword> (BOC), which has custody of the hotel, has appointed <keyword id="6358918" type="PERSON" weightage="20" keywordseo="Deloitte">Deloitte</keyword> as the <keyword id="57372" type="POSITION" weightage="20" keywordseo="Administrator">administrator</keyword> for the property and <keyword id="150310" type="CITY" weightage="20" keywordseo="Jones-Lang-LaSalle">Jones Lang LaSalle</keyword> (JLL) as one of the sales agents. 
 In 2010, the BOC had financed the Sahara group for purchasing the Grosvenor House hotel along with two hotels in <keyword id="6355838" type="COMPANY" weightage="20" keywordseo="New-York">New York</keyword> - Dream Downtown and The Plaza. Earlier this year, Sahara defaulted on BOC's loan of close to $800 million, after which the London hotel came under its custody. 
 When Sahara ran into trouble with India's capital markets regulator, <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">Sebi</keyword>), the BOC asked the group to pay back its debt. Between 2013 and 2014, the group had received several bids for all the three hotel properties from possible investors, including royal families in the Middle-East. The bidders had offered close to £900 million for the London hotel alone. But the Sahara Group did not accept any offer and finally defaulted on the BOC loan. 
 
 
An email sent to Sahara by the financial daily did not elicit any response. JLL said it did not have any comments to offer at this time. A legal expert involved with the current transaction said that though Sahara has emerged as one of the bidders for the property, BOC officials are still trying to figure out whether the authorities in India could create any legal problems if Sahara were to be awarded the deal. 
 
Sahara's ability to raise money for the deal is also being doubted, according to people involved in the negotiations, especially since the group is relying on backing by other financiers. 
 Subrata Roy, founder and <keyword id="6411847" type="POSITION" weightage="20" keywordseo="head">head</keyword> of Sahara group, is currently in Tihar Jail, from where he unsuccessfully tried to negotiate a deal to sell the hotels. 
 
(Image : Reuters)

​Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say

NEW DELHI: The <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> on Wednesday asked <keyword id="266052" type="POSITION" weightage="40" keywordseo="Sahara-group-chief">Sahara group chief</keyword> <keyword id="31933" type="PERSON" weightage="80" keywordseo="Subrata-Roy">Subrata Roy</keyword> to deposit Rs 10,000 crore with the <keyword id="6378893" type="UNKNOWN" weightage="40" keywordseo="market-regulator">market regulator</keyword> <keyword id="35210" type="ORGANIZATION" weightage="40" keywordseo="sebi">Sebi</keyword> for his release on interim bail from judicial custody. 
 
The apex court bench of Justice KS Radhakrishnan and Justice JS Khehar said that of the Rs 10,000 crore, Rs 5,000 crore would be deposited in cash, and the balance Rs 5,000 crore will be furnished through a bank guarantee. 
The SC has also agreed to defreeze bank accounts of Sahara companies to raise the Rs 10,000 crore and adjourned the case for tomorrow asking the group to give details of the bank account numbers which are to be defreezed. 
 The court declined to water down its orders as the <keyword id="2168359" type="UNKNOWN" weightage="40" keywordseo="Sahara-group-counsel">Sahara group counsel</keyword> expressed inability to raise such a huge amount while Subrata Roy is in jail. 
Sahara group on Tuesday had submitted a new proposal for refunding Rs 20,000 crore of investors money before the Supreme Court. 
 
Roy was sent to jail on March 4 by the top court in connection with contempt proceedings over two group companies' failure to pay Rs 20,000 crore by way of dues to market regulator Sebi.

SC Grants Conditional Bail To Sahara Chief Subrata Roy

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Wednesday allowed a plea by the Centre seeking allocation of Rs 5,000 crore out of Rs 24,000 crore deposited by the <keyword id="4637" type="General" weightage="100" keywordseo="sahara" source="Orion">Sahara</keyword> group with market regulator SEBI to repay its depositors. The direction came on an application filed by the Centre in a PIL by a person, named Pinak <keyword id="16975120" type="General" weightage="50" keywordseo="pani-mohanty" source="Orion">Pani Mohanty</keyword>, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms. A bench of Justices MR Shah and CT Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies. The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the bench said. The Centre had sought money from the SEBI-Sahara Sahara-SEBI escrow account that was formed after the top court in August 2012 directed two Sahara firms - <keyword id="636641" type="General" weightage="50" keywordseo="sahara-india-real-estate-corporation-limited" source="Orion">Sahara India Real Estate Corporation Limited</keyword> (SIRECL) and <keyword id="16974549" type="General" weightage="50" keywordseo="sahara-housing-india-corporation-limited" source="Orion">Sahara Housing India Corporation Limited</keyword> (SHICL) - to refund investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tax-hit-on-debt-funds-is-just-the-latest-punch-to-reeling-mutual-fund-companies/articleshow/99081740.cms">Tax hit on debt funds is just the latest punch to reeling mutual fund companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/worried-if-your-cold-is-covid-new-ultra-thin-sensor-to-help-detect-covid-flu-in-10-secs/articleshow/99082416.cms">Worried if your cold is Covid? New ultra-thin sensor to help detect Covid &amp; flu in 10 secs</a>

SC allows Centre's plea seeking ₹5,000 cr from SEBI-Sahara fund to repay depositors

New Delhi, Jun 15 () Even as COVID-related layoffs and salary cuts ensued across sectors, the Sahara Group on Monday said it has given pay hikes and promotions to its employees. Further, it said that there will be no layoffs of workers from any of its business vertical due to the coronavirus situation. The Sahara Group is also planning to recruit from people who have recently migrated back to Uttar Pradesh from different states in the wake of pandemic and they will be appointed at local level based on their qualifications in various business activities of the group, a company statement said. It, however, said that economic activities have been adversely affected because of lockdown and the group is facing an unprecedented situation. Despite hardships, the Sahara Group said "it has taken a strong decision of not laying off any of its worker from any of its business vertical due to the pandemic", and added that all the workers will continue to work with full security. Based on productivity, the company said it has given one cadre promotion to its 4,05,874 field workers. Along with this, as many as 4,808 office workers were given promotion with salary increment, the statement said. The Sahara Group has 14 lakh workers associated with its various business verticals. Also, the group has appealed to all the small and big organisations to give paramount importance to the livelihood of every employee working under them. "Undoubtedly, it is a difficult phase for everyone, yet as the guardians of our employees it is the responsibility of us all to see that the families of workers don't go through any livelihood crisis. If we take care of them, it will be a great contribution of all our business organisations to the interest of humanity, society and nation at such a difficult time," it added. Earlier in April, Sahara chief Subrata Roy had assured full support to all workers, customers and investors of his group in dealing with the pandemic and had urged everyone to strictly follow the government guidelines on the nationwide lockdown as individual soldiers in this fight. SP SMI MKJ

Sahara Group says no layoffs; gives salary hikes, promotions to employees despite COVID pressure

Sebi on Monday ordered the attachment of bank and demat accounts of <keyword id="31906" type="General" weightage="50" keywordseo="sahara-group" source="Orion">Sahara Group</keyword> firm, its chief <keyword id="31933" type="General" weightage="100" keywordseo="subrata-roy" source="Orion">Subrata Roy</keyword> and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs). The recovery proceedings against five entities -- <keyword id="486078" type="General" weightage="50" keywordseo="sahara-india-real-estate-corporation" source="Orion">Sahara India Real Estate Corporation</keyword> (now known as Sahara Commodity Services Corporation), Subrata Roy, <keyword id="1595961" type="General" weightage="80" keywordseo="ashok-roy-choudhary" source="Orion">Ashok Roy Choudhary</keyword>, Ravi Shanker <keyword id="20551" type="General" weightage="80" keywordseo="dubey" source="Orion">Dubey</keyword> and Vandana <keyword id="15888278" type="General" weightage="80" keywordseo="bharrgava" source="Orion">Bharrgava</keyword> -- for Rs 6.42 crore, includes interest, all costs, charges and expenses, the Securities and Exchange Board of India (Sebi) said in the attachment order. In its notice, Sebi asked all banks, depositories and mutual funds not to allow any debit from accounts of Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. However, credits have been permitted. Further, the market watchdog has directed all banks to attach all accounts, including lockers, of the defaulters. The regulator, in its order in June, levied a fine totalling Rs 6 crore on Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. They raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms, as per Sebi order. According to Sebi, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments. The issuance was allegedly done in contravention of the provisions of the Sebi's ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms">Capital-intensive, cyclical and value stocks to continue their outperformance</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-five-billionaires-in-2022-elon-musk-gautam-adani-and-bill-gates/articleshow/96509847.cms">After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires</a> <a href="https://www.businessinsider.in/stock-market/news/sah-polymers-ipo-to-open-on-dec-30-price-band-set-at-61-65-a-share/articleshow/96514593.cms">Sah Polymers IPO to open on Dec 30, price band set at ₹61-65 a share</a>

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

Billionaire brothers David and Simon Reuben will take over Sahara group’s Grosvenor House hotel and two other luxury hotels - Plaza and Dream Downtown — in a whopping $850 million (Rs. 5,500 Crore) deal. 
 The Reubens have also purchased the two loans against the properties from <keyword id="104905" type="CITY" weightage="60" keywordseo="Bank-of-China">Bank of China</keyword>. They have also given a four-month extension to Sahara. 
 
The Grosvenor House hotel was recently put up on sale by the Bank of China after Sahara failed to pay the defaulting amount. Sahara bought it in 2010. The two other US hotels followed. The trio was brought for an estimated$1.55 billion. 
 
The Group has been long trying to raise $1.6 billion to get its chief Subrata Roy out on bail by monetizing its assets. Roy has been in Tihar Jail for over a year now. It has also been in a legal strife with SEBI over raising funds worth around Rs. 24,000 Crores. The company claims it has repaid 95% of the investors. 
 
(Image credit: Indiatimes)

Reubens
to the Rescue, acquire Sahara hotels

In what could be India’s biggest land sale, over 4,700 acres owned by the <keyword id="31906" type="COMPANY" weightage="100" keywordseo="Sahara-group">Sahara Group</keyword> across 14 Indian states have been put on the block by HDFC Realty and SBI Capital Markets. As the sale goes through, the deal is expected be worth Rs 6,500 crore. However, the fact that the properties have huge chunks of agricultural land located in rural areas could affect the amount of the deal. 
 
As per Sahara, it has a total land bank of 33,633 acres out of which the Aamby Valley City located near Lonavala accounts for 10,600 acres. Similarly, about 1,000 acres is spread across various towns and cities of Uttar Pradesh, the capital of which houses the company headquarters. 
 It was early this month that the honourable Supreme Court had released Sahara chief <keyword id="31933" type="PERSON" weightage="100" keywordseo="Subrata-Roy">Subrata Roy</keyword>, who has been in Tihar Jail since March 2014, and group director Ashok Roy Choudhary on a parole for four weeks. It was then that the court had said that Sahara could sell its properties to raise Rs 5,000 crore as a bank guarantee and another Rs 5,000 crore to get bail. 
 After this order, the market regulator authority Securities and Exchange Board of India (SEBI) had mandated that HDFC Realty and SBI Capital Markets auction 60 <keyword id="2065987" type="UNKNOWN" weightage="100" keywordseo="Sahara-properties">Sahara properties</keyword> across the country. 
 
 
The locations of these lands are as follows: Ujjain and Indore in Madhya Pradesh, Ajmer in Rajasthan, Aligarh, Bahraich, Bareilly, Muzaffarnagar, Lucknow, Noida in UP, Guwahati in Assam, Salem in Tamil Nadu, and Porbander and Baroda in Gujarat. 
 
<a href="http://i.huffpost.com/gen/4312180/images/o-SUBRATA-ROY-facebook.jpg">Image source</a>

Auctioneers expect to raise Rs 6,500 crore by selling 4,700 acres of Sahara land

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>It looks like Saudi billionaire Prince Alwaleed Bin Talal is not the only one interested in The Plaza hotel.
A group of investors that includes Pras Michel of the hip-hop group The Fugees and New York sports agent David Sugarman is also looking to take the hotel off majority stakeholder Sahara Group's hands, according to <a href="http://online.wsj.com/articles/investor-group-reaches-1-55-billion-deal-to-refinance-plaza-hotel-debt-1417461132">The Wall Street Journal</a>.
That's because Sahara's founder and chairman, Subrata Roy, is in jail right now and needs to raise money for bail.
He <a href="http://www.bbc.com/news/world-asia-india-26379739">was arrested</a> in February in the midst of an invester fraud court case in India, after failing to turn up for a hearing.
Now his conglomerate, Sahara Group, is looking to refinance its 75 percent stake in the property rather than sell it, according to the Journal.
Mirach Capital, the investors group, which is funded largely by a wealthy Indian family, has already agreed to lend $1.55 billion to Sahara, $900 million of which will go to debt refinancing. The rest will likely go toward Roy's bail.
But Mirach has made it clear their end goal is to own The Plaza, as well as two other hotels that Sahara currently owns.
Meanwhile, it's still unclear whether Prince Alwaleed, who currently owns the other 25 percent of the hotel, will make a deal with Mirach - or whether he's made a formal offer for Roy's stake in the property.

A Member Of The Fugees Is Prince Alwaleed's Competition For The Plaza Hotel

New Delhi, Feb 12 () Hopeful of all its problems getting resolved this year, embattled Sahara group's chief Subrata Roy has said two large foreign investors have been roped in for real estate and city development businesses and nearly Rs 22,000 crore deposited with regulator Sebi will also eventually come back. Roy has also assured all Sahara investors that they would get their invested amount with full interest and an additional interest would be paid even for a day's delay. In a letter to investors on the occasion of the group's 42nd Foundation Day, celebrated on February 1, Roy said the group always kept intact its tradition of timely payments and excellence in services but there has been delay in payments during the last seven years at certain places due to "some undesirable circumstances". Referring to a long-running dispute with capital market regulator Sebi over funds garnered by two group firms through issuance of certain bonds, Roy said the entire amount generated through sale or mortgage of assets or from joint ventures had to be deposited in a Sebi-Sahara account due to an embargo imposed by the Supreme Court. "Out of this, we cannot use even a single rupee for organisational work or even towards repayment to the esteemed investors," Roy wrote. Roy said Sahara has huge land parcels but developing townships or colonies on them has been difficult due to lack of funds for internal infrastructural development and for the requirement of depositing in Sebi-Sahara account any advance payment taken from residential unit buyers. He, however, said these problems would be resolved soon as "two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses". "Keeping in mind the directions of the Supreme Court, certain agreements have been signed, which will resolve Sahara's problems within this year, that is 2020," Roy said. Sebi had ordered Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) in 2011 to refund the money raised from around three crore investors through Optionally Fully Convertible Bonds (OFCDs). After a long process of appeals and cross-appeals, the Supreme Court on August 31, 2012 upheld Sebi's directions asking the two firms to refund the money collected from investors with 15 per cent interest. Sahara was eventually asked to deposit an estimated Rs 24,000 crore with Sebi for further refund to investors, though the group has always maintained it amounted to "double payment" as it had already refunded more than 95 per cent investors directly. Giving an update on the Sahara-Sebi matter, the government informed Parliament this Monday that Sahara group has deposited Rs 15,448.67 crore to 'Sebi-Sahara Refund" account as on February 1, 2020, while a cheque of Rs 41.59 crore has also been given by the group in late January, which the court has directed to be accepted without prejudice. Replying to a Lok Sabha question, Minister of State for Finance Anurag Thakur further said that Sebi had received 19,560 applications in total involving 53,361 bond certificates for an aggregate amount of Rs 81.3 crore. Out of this, Sebi has made refunds with respect to 14,146 applications, involving 39,499 certificates, for an aggregate amount of Rs 109.86 crore (including Rs 58.52 crore as principal and Rs 51.34 crore as an interest), the minister said. Thakur also said Sebi had issued advertisements advising investors to file their refund claims and last such advertisements were issued on March 26 and June 19 in the year 2018, informing the investors that July 2, 2018 was the last date for receiving refund applications and no claim would be accepted after the cut-off date. The investors were told it was their last and final opportunity to claim refund. Talking about the refund process, Roy said in his letter to investors that nearly Rs 22,000 crore was deposited in the Sebi-Sahara account (including the principal amount and the interest accrued on the same) till date, but Sebi could repay little over Rs 100 crore to investors despite giving four rounds of advertisements in 154 newspapers across the country. "In the fourth advertisement, Sebi had clearly written that hereafter, it will not entertain any claims. This last advertisement appeared about a year ago, which means that no further payments are pending. As per the instructions of the Supreme Court, Rs 22,000 crore will eventually come back to Sahara after verification," Roy said. As per the latest available figures, the pending refund applications with Sebi are estimated to involve maximum Rs 20-25 crore, excluding interest component. In its last annual report, Sebi had said Rs 20,173 crore (the recovered amount along with the interest earned on them after providing for refunds made to the investors) was deposited in nationalised banks as on March 31, 2019 as per the Supreme Court order regarding the money lying in 'Sebi-Sahara Refund' account. Roy said various restrictions are making it difficult for the group to do business and things could have been set right much earlier "if only we had a bit of relaxation to do business in housing development". He said the group has thousands of acres of land across India, but they are spread over a number of large parcels of 100-300 acres and there are no ready buyers for such big plots due to a prevalent downturn in the real estate market. While there are a few willing buyers, they are offering one-fourth or even less of the real value, but a deal at such low rates is not possible because Sahara is not allowed to make any sale below 90 per cent of the government circle rate, he said. BJ MKJ

All problems to be resolved in 2020; two foreign investors roped in for realty, city development biz: Sahara chief

Starting August 5 and for the following 10 days, Delhi’s Tihar jail will have the sort of visitors who generally find themselves working in very different circumstances. They’ll be coming to see Sahara chief Subrata Roy, who’s trying to raise Rs 10,000 crore as a get-out-of-jail card by selling or mortgaging real estate assets. 
 So how is Tihar preparing for this unusual event? A large 30x18 ft conference room with an attached bathroom and a 12x12 ft annexe inside the <keyword id="2456860" type="ORGANIZATION" weightage="20" keywordseo="Tihar-court">Tihar court</keyword> complex are being readied for Roy and two Sahara directors, Ashok Roy Choudhary and <keyword id="709634" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Dubey">Ravi Shankar Dubey</keyword>, who are also lodged in the same prison. 
 
Jail authorities have sent a letter to Delhi Lieutenant-Governor Najeeb Jung to notify the conference room as a special jail but with certain relaxations — phones and laptops, WiFi connectivity and visitors from 6 am to 8 pm on all days except Sundays and gazetted holidays. 
 The <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara Group</keyword> will pay for the privileges. The room, which is used for confidential meetings and press briefings by the directorgeneral of prisons, has a 52-inch TV for making presentations, video-conferencing and a table that seats 25. 
 
It also has wood-paneled walls and is fully air-conditioned. 
 
Visitors coming to meet Roy to be frisked 
 
All Visitors Coming to meet Roy to be Frisked Roy’s guests — corporate bigwigs, investors, top lawyers, merchant bankers, et al — will get vegetarian meals, snacks and tea prepared in the jail canteen, which is manned by a few longtime inmates. All visitors will be subject to frisking. 
 
The Sahara chief has been in Tihar jail since March over the issue of refunds to investors in a financial instrument issued by two group companies in violation of norms. The Securities and Exchange Board of India says Sahara has to pay more than Rs 37,000 crore by way of the refund amount and interest. 
 While Sahara says it has already paid much of the money that is due, the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> has told Roy that he needs to raise Rs 5,000 crore in cash and Rs 5,000 crore by way of bank guarantees to get bail. 
 
The Sahara boss and the two directors are currently housed in a section for inmates above 60. As with other parts of the jail, no cellphones and laptops are allowed and jammers restrict all forms of electronic communications. That’s why Roy and his team need to be relocated. “We can’t switch off the jammers just for one person. It will send a wrong message to others. It could become a precedent of sorts if we allow him privileges inside the jail and other inmates might start asking for similar things then,” said a senior jail official, who did not want to be named. 
 The court order permits Roy and his team to conduct business meetings and negotiations in the designated area. The most valuable properties on the Sahara list are its three international hotels — Grosvenor House Hotel in London and <keyword id="999813" type="COMPANY" weightage="20" keywordseo="The-Plaza">The Plaza</keyword> and Dream Downtown Hotel in New York. 
 
ET reported last month that those looking to buy the properties include the Poonawalla family based in Pune, an investor group linked to the Qatar royal family and Sultan Hassanal Bolkiah of Brunei. 
 
The Poonawallas have made an offer of £550 million for the London property. One of the world’s largest luxury property investors Madison has offered $800 million for Sahara’s New York hotels. 
 
The terms under which Sahara has been allowed to set up the deal room are listed in the affidavit filed by Rajesh Kumar, superintendent of Central Jail No 3 at Tihar. 
 
“They will have to submit a list of visitors to the superintendent in advance. Confidentiality will be maintained,” said the jail official cited above. 
 
In his affidavit, Kumar had also suggested a second option — a guest house at the new residential complex, which is a type V government accommodation with three double rooms, a single room and two toilets — but the conference facility was found more suitable to conduct business. The conference room is within the Tihar court complex, which usually convenes once a month to deal with petty offences. 
 
“It already is a secure place. There is one common entry and exit point that will be monitored by CCTV cameras,” said another official aware of the planning. 
 
Roy and the two directors will stay at the annexe attached to the conference room and will be free to conduct business through the night considering that they will be dealing predominantly with people in the US and Europe. However, secretarial staff will only be allowed at visiting hours. 
 
Tihar jail is a 200-acre facility, the largest prison complex in South Asia, and has different wards for different types of inmates — firsttimers, hardcore criminals and those over 60. Roy and the two directors are housed in a single room in the over-60 block where there are regular medical check-ups and sevadars to take care of prisoners’ basic needs. 
 For health reasons, Roy sometimes asks for khichdi from the jail canteen for which he pays, said the <keyword id="2456859" type="UNKNOWN" weightage="20" keywordseo="first-jail-official">first jail official</keyword> cited above. He sticks to himself for the most part and is usually meditating on his own, the person said.

Tihar Turns Business Centre For Sahara Chief Subrata Roy's Asset Sale Talks

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>London's upscale Grosvenor House Hotel is up for sale after the owner, a subsidiary of Indian billionaire Subrata Roy's Sahara Group, defaulted on debts, <a href="http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11445940/Grosvenor-House-Hotel-put-up-for-sale-after-owner-placed-in-administration.html">The Telegraph's Andrew Trotman reported</a>.Roy - who's been in a New Delhi jail for the past year after ignoring a court order to return more than $3 billion in illegal bonds to investors - has been trying to mortgage the Grosvenor House, on London's Park Lane, as well as <a href="http://www.businessinsider.com/prince-alwaleed-is-buying-the-plaza-2014-12/#.VPX_2kjND9A">New York's Plaza Hotel</a> in order to make bail.The conglomerate said it still plans to refinance the hotel, despite defaulting on a Bank of China loan, <a href="http://in.reuters.com/article/2015/03/03/india-sahara-grosvenorhouse-idINKBN0LZ1OE20150303">Reuters</a> reported. Deloitte will now administer the Sahara subsidiary that owns the hotel.Sahara was recently in talks with US investors Mirach Capital to help pay a Bank of China loan, but it turned out that Mirach didn't actually have the necessary funds and had <a href="http://www.businessinsider.com/r-exclusive-indian-tycoon-roys-get-out-of-jail-deal-is-mired-in-mystery-2015-2">forged a bank</a> letter suggesting that they did.Roy needs to raise 100 billion rupees, or $1.6 billion, to make bail - the <a href="http://in.reuters.com/article/2015/03/03/india-sahara-grosvenorhouse-idINKBN0LZ1OE20150303">largest bail ever</a> set in India.Ironically, Sahara Group is actually worth about $11 billion, according to India's <a href="http://profit.ndtv.com/news/corporates/article-sahara-properties-that-may-buy-subrata-roy-freedom-385187">NDTV</a> - but most of that is in property and real estate (some 36,000 acres in total). So while the company's value is locked up in illiquid assets, its chairman and founder remains locked up behind bars. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/deepflight-super-falcon-submarine-2014-2">This Million Dollar Submarine Is Like An Underwater Plane For The Super-Rich</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZjajJuazreWS7pnof-GeGDDimHMc9ihy" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "Sahara group" and got 11 results

Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say

BI India Bureau

SC Grants Conditional Bail To Sahara Chief Subrata Roy

Times Of India

SC allows Centre's plea seeking ₹5,000 cr from SEBI-Sahara fund to repay depositors

PTI

Sahara Group says no layoffs; gives salary hikes, promotions to employees despite COVID pressure

PTI

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

PTI

Reubens to the Rescue, acquire Sahara hotels

BI India Bureau

Auctioneers expect to raise Rs 6,500 crore by selling 4,700 acres of Sahara land

BI India Bureau

A Member Of The Fugees Is Prince Alwaleed's Competition For The Plaza Hotel

Portia Crowe

All problems to be resolved in 2020; two foreign investors roped in for realty, city development biz: Sahara chief

PTI

Tihar Turns Business Centre For Sahara Chief Subrata Roy's Asset Sale Talks

Ravi Teja Sharma

The Indian billionaire who tried to mortgage the Plaza Hotel to make bail is now selling London's Grosvernor House

Portia Crowe

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You Searched For "Sahara group" and got 11 results

​Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say

BI India Bureau

SC Grants Conditional Bail To Sahara Chief Subrata Roy

Times Of India

SC allows Centre's plea seeking ₹5,000 cr from SEBI-Sahara fund to repay depositors

PTI

Sahara Group says no layoffs; gives salary hikes, promotions to employees despite COVID pressure

PTI

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

PTI

Reubens to the Rescue, acquire Sahara hotels

BI India Bureau

Auctioneers expect to raise Rs 6,500 crore by selling 4,700 acres of Sahara land

BI India Bureau

A Member Of The Fugees Is Prince Alwaleed's Competition For The Plaza Hotel

Portia Crowe

All problems to be resolved in 2020; two foreign investors roped in for realty, city development biz: Sahara chief

PTI

Tihar Turns Business Centre For Sahara Chief Subrata Roy's Asset Sale Talks

Ravi Teja Sharma

The Indian billionaire who tried to mortgage the Plaza Hotel to make bail is now selling London's Grosvernor House

Portia Crowe

Popular Keywords

Buying Guides

Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say