Sahara to sell NY assets

New Delhi: The Sahara group on Thursday told the Supreme Court 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. Roy’s problems were further compounded with the court saying that he along with two other directors, Ashok Roy Choudhary and Ravi Shankar Dubey, would be released only after its order of March 26 was fully complied with.  By the said order, the court said that for securing release of Roy and the others, Sahara will have to deposit with the court registry Rs.10,000 crore, of which Rs.5,000 crore would be in cash and Rs.5,000 crore in bank guarantee.

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