Sahara sells stake in Grosvenor House, gets 10 days to deposit Rs 710 cr

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

The Sahara group on Monday told the Supreme Court that it had sold its interests in London’s Grosvenor House Hotel to GH Equity UK. Sahara lawyer Kapil Sibal told the bench of Dipak Misra and Ranjan Gogoi that the sale had been completed, and sought permission to transfer funds from the deal to the Sebi-Sahara refund account. Sebi is Securities and Exchange Board of India.

While Sibal did not disclose the exact amount, he said about £75 million was being brought to India and suggested the transaction also involved refinancing of funds connected to its interests in The Plaza