The Sahara group Thursday told the Supreme Court that it was selling its three prime properties in London and New York to raise money to secure the release of Subrata Roy and two other directors.
The court, however, asked Sahara to place before it the communication it had exchanged with the Bank of China with which these properties were mortgaged.
The three hotels in which the Sahara group would be off-loading stakes are the Grosvenor House Hotel in London and the New York Plaza and Dream New York hotels.
The court said Sahara will also inform it whether the valuation of the three hotels by an international valuer at the instance of the Bank of China has been accepted by the bank and about the total outstanding liabilities it had towards the bank that financed their purchase and with which Sahara's shares were pledged.
The bench of Justice T.S. Thakur and Justice A.K. Sikri reserved its order on Sahara's application seeking lifting of the embargo on its bank accounts and nine properties in different parts of the country including the mortgage of its real estate assets in the Aamby Valley project.
The court also reserved its order on Roy's plea seeking to be placed under house arrest if he could not be granted bail.
The court, however, asked Sahara to place before it the communication it had exchanged with the Bank of China with which these properties were mortgaged.
The three hotels in which the Sahara group would be off-loading stakes are the Grosvenor House Hotel in London and the New York Plaza and Dream New York hotels.
The court said Sahara will also inform it whether the valuation of the three hotels by an international valuer at the instance of the Bank of China has been accepted by the bank and about the total outstanding liabilities it had towards the bank that financed their purchase and with which Sahara's shares were pledged.
The bench of Justice T.S. Thakur and Justice A.K. Sikri reserved its order on Sahara's application seeking lifting of the embargo on its bank accounts and nine properties in different parts of the country including the mortgage of its real estate assets in the Aamby Valley project.
The court also reserved its order on Roy's plea seeking to be placed under house arrest if he could not be granted bail.
