NEW YORK CITY-After vehemently denying press reports that it was trying to sell off The Plaza and Dream Downtown hotels here, India's Supreme Court handed down a ruling that bars Sahara India Pariwar from selling off any of its assets.
The New Delhi court issued the order on Friday, and further forbade Sahara chairman Subrata Roy and two other company directors from leaving the country without permission, according to the New York Post.
The Supreme Court ruling stems from a battle between Sahara and SEBI, India's version of the Securities and Exchange Commission, over a $4.8-billion bond sale by two of Sahara's real-estate units in 2008. The regulators charge the offering violated securities laws.
Media reports earlier this month had Sahara trying to sell of The Plaza, the Dream Downtown and the Grosvenor House in London. Sahara officials released a statement in response to those reports denying the firm was attempting to sell the three hotels. See story in the New York Post.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
