Supreme Court Could Allow Sahara Chief to Conduct Asset Sale Talks, Says Company
New Delhi: The jailed chairman of conglomerate Sahara, Subrata Roy, could be allowed to take part in talks over group asset sales to repay investors sold bonds that were later ruled to be illegal, the company said after he was again denied bail on Tuesday.
Subrata Roy has been in a Delhi jail since March 4 after failing to appear at a contempt hearing in his group's legal battle with the Securities and Exchange Board of India (Sebi) over the company's failure to repay investors who bought the outlawed bonds.
(Read: Ready to allow Roy 6 hours/day in guest house for business: court)
Sahara, the assets of which include the landmark Plaza hotel in New York and Grosvenor House in London, has offered to sell its three overseas hotels to meet the payment demands and is also planning to sell some real estate assets within India.
The company said in a statement that the top court on Tuesday lifted a freeze on its overseas properties and allowed the group to hold talks for selling or mortgaging these properties.
Though the country's top court again denied Mr Roy bail, Sahara said that in the event of the submission of a concrete proposal of such mortgage or sale deal, the court said it "will consider the case and pass an order so that he (Roy) can meet with the buyer on certain conditions".
Copyright @ Thomson Reuters 2014
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
