Indian tycoon Subrata Roy is putting up the two trophy properties and another luxury New York hotel for sale to raise $1.6 billion for the bail bond that will get him out of Tihar, a sprawling New Delhi prison complex that houses about 12,000 inmates.
Israeli businessman Yitzhak Tshuva, who controls the Elad Group, has sold his 60 per cent stake in the Plaza Hotel, a report in the Israeli daily newspaper Haaretz said.
Sahara Group chief Subrata Roy passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, a company statement said. He was 75. He was 75. According to the company statement, he passed away at 10.30 pm due to cardio-respiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
The Sultan of Brunei has made a bid for New York's Plaza Hotel, Dream Hotel and London's Grosvenor House Hotel, the Wall Street Journal's website edition reported on Saturday, citing people familiar with the situation.
Jail officials, group to thrash out finer details to enable late night skype with Los Angeles-based buyers.
Embroiled in a major crisis back home, Indian conglomerate Sahara has got unsolicited offers for at least three prized assets -- London's Grosvenor House and New York's Plaza and Dreams Downtown hotels.
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Sahara was in funding talks with Mirach
Sahara also sought permission to sell its properties in Bangalore.
Sahara group, whose chief Subrata Roy who was in jail for over two years in connection with a long-running dispute with markets regulator Sebi is now out on parole
Roy was jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog.
Sahara told the court it was working on new deals to raise funds.
Other London properties, aircraft & offshore accounts are yet to catch the attention of regulators.
Roy and his associates were jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the capital markets watchdog over the company's failure to repay billions of dollars to investors who were sold outlawed bonds.
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The minister, who is in New York to attend high-level meetings of the UNGA, assured INOC that while he was aware of some of the concerns of the non-resident Indians, he did not know the extent of the problems and that the government will address the issues as soon as possible.
Genuine investments identified so far is Rs.1.08 cr out of around Rs 24,000 cr.
Suspicions have swirled for years that many of Sahara's millions of investors are fictitious names
Sahara Group got other much-needed relief with the apex court lifting its embargo of permitting it to sell only 19 properties.
Abheek Barua & Bidisha Ganguly explain why the US treasury should intervene if the overvalued greenback continues to rise.
Spanish bank denies credit line to bail Sahara boss.
However much one underplays the meeting between India and Pakistan's top leaders, it can never be undervalued, reports Sheela Bhatt.
The Supreme Court on Monday gave conglomerate Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy, who has been held in a New Delhi jail for more than a year. Sahara has made several failed attempts to raise $1.6 billion in bail money. Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal. The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy. On Monday, the country's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds.
The top court last week gave Sahara a final chance to raise funds.
Sahara told the top court this week it was considering other proposals to raise funds, including selling a luxury development outside Pune.
Sahara has ploughed at least Rs 1,500 crore from two of its credit cooperatives into the Aamby Valley resort project
Sahara chief Subrata Roy may not come out clean in the biggest ever investment fraud that he allegedly did few years ago.
'The entire explanation of the episode is difficult to digest.'
Just for a moment, says Kamaraj Gopalan, consider the possibility: Dawood Ibrahim captured a few days before the next general election. It would be Dr Singh and the Congress's Osama moment. What answer could Narendra Modi possibly have to that?
The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
Sahara relied on a letter from bank saying the funds were there.
Sahara and its founder Subrata Roy have been under scrutiny for years over its financial products, including for possible money laundering.
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