New Delhi : Embattled Sahara Group came up with a fresh proposal before the Supreme Court for the sale of its assets to raise the amount for the release of its jailed chief Subrata Roy.

A bench, comprising Chief Justice T S Thakur and Justices A R Dave and A K Sikri, sought response from the market regulator SEBI within four weeks. Sahara’s counsel and senior advocate Kapil Sibal said the Group was in negotiation to sell its Mumbai hotel — Sahara Star, company’s 42 per cent share in Formula 1 and four aircraft. Further, the Group said negotiations were underway to sell three overseas hotels, Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels.

The counsel said Grosvenor House Hotel is being negotiated with the State of Qatar which will fetch around Rs 2,300 crore. Further, the Group has convinced a Russian Bank to re-finance its two hotels in the United States. Sahara also sought permission to sell its properties in Bangalore.

Gautam Awasthi, Advocate Counsel for Sahara, “Sahara has sought permission for the sale of Sahara Star Hotel, Mumbai along with its shareholding in Sahara Force Indian Formula One team and aircrafts which in total will fetch around Rs. 3000 Crores. In view of the above stated developments the hearing on the application of SEBI for appointment of court receiver and Sahara’s application under article 142 of the Indian Constitution, has been deferred till 29th March 2016.”

The group has to arrange Rs 36,000 crore for making the payment in the SEBI-Sahara account for refunding the money to its investors.

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