The founder of Sahara India Pariwar passed away due to cardiorespiratory arrest following prolonged illness.
The Sahara Group is desperately looking to sell three of its overseas hotels--Plaza,Dream Hotel,Grosvenor House--to raise money to get its founder Subroto Roy out of jail
Legal experts say Roy's presence in court will serve the purpose of issuing the warrant.
Sahara must comply with Rs 24000 crore refund order or it would direct personal appearance of Sahara Group head Subroto Roy and Sahara India Directors, the Supreme Court said.
India's very own F1 team, the Vijay Mallya-owned Force India, has more desi flavour now with the Sahara Group picking up a 42.5% stake at a whopping USD 100 million, reports CNBC-TV18's Nayantara Rai.
Ravi Nedungadi, president & chief financial officer, UB Group said the company plans to use the USD 200 million with lessors to pay back some of Kingfisher Airlines debt.
With just over a fortnight left for the first ever Formula One race to be held in India, UB Group's Vijay Mallya is set to sell some stake in his Force India F1 Team to Sahara Group, headed by Subroto Roy.