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The Supreme Court on Monday, provided its clearance to Sahara group’s proposed sale of three overseas hotels to Qatar Investment Authority (QIA), which is part of Qatar’s sovereign wealth fund.
The group has said in its affidavit that “Sahara Grosvenor House Hospitality Ltd will remit the net proceeds of the additional advance (24 million pounds) to Sebi, upon receipt of an email from Sebi addressed to Philip Bowers, joint administrator of Grosvenor House Hotels, and Stephane Nahum, a representative of Motcomb Estate Ltd, as facility agent, under existing UK loan, requesting that net proceeds of the additional advance be disbursed to Sebi.”
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