SC deadline to auction Sahara assets |
India`s Supreme Court on March 13th issued an ultimatum to the Sahara group and its jailed chief Subrata Roy saying the court will auction group assets if they fail to pay dues of Rs 40,000 crores or nearly US$ 6.8 billion to investors in a month. A lot of persuasion from senior advocate Kapil Sibal finally convinced the Court to give one last opportunity to negotiate deals for mortgage of Sahara`s three hotels abroad — Grosvenor House in London and Plaza and Downtown in New York — to raise the money. The court`s ultimatum came after it had repeatedly expressed its annoyance over Sahara failing to arrange the money to secure Roy`s bail and pay back investors.
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