associate sponsors

Havells
HDFC

Now, Sahara seeks SC nod to sell stake in Force India to get its chief out

New Delhi - The Sahara Group has sought the Supreme Court's permission to sell its shares in the Force India Formula 1 team as part of its effort to raise funds for the release of conglomerate's jailed chief Subrata Roy.

The group currently owns 42.5 percent of shares in the team and the same amount of shares are with troubled businessman Vijay Mallya.

sahara-reuters

Reuters

The remaining 15 percent is with the Mol family of the Netherlands.

The Group on Tuesday came up with a fresh proposal to secure the release of Roy, who has been in jail since March, 2014.

"As of now, we have sought Supreme Court's permission to sell our various assets and that includes our shares in the Formula 1 team. If we get the Court's permission at the next hearing on March 29, we will decide the amount of shares we will sell or mortgage. Depending on how much we raise from other assets, we will decide the percentage of Force India shares we want to sell," a legal source in Sahara, told PTI.

Force India have been doing a fine job on the track despite the financial troubles of its co-owners Roy and Mallya.

The Silverstone squad recorded its best ever result in 2015, finishing fifth in the standings besides scoring a third ever podium in Sochi.

Sahara had bought 42.5 percent shares of Force India back in 2011 for USD 100 million.

In June 2015, the Supreme Court had asked the Sahara Group to arrange Rs 5000 crore in cash and an equal amount in bank guarantee for the release of its chief.

PTI


Updated Date: Feb 03, 2016 09:28 AM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See