Lalit Modi’s name figures in Sahara-SEBI case

Subrata Roy’s son had “orally” asked Mr. Modi for help in selling off the assets, court told The name of controversial former Indian Premier League boss Lalit Modi cropped up in the Supreme Court hearing on the Sahara-SEBI dispute in connection with the sale of offshore assets of the beleaguered group. A lawyer appearing for U.S.-based investment banker, Madison Capital Holding LLC, told a three-judge Bench led by Justice T.S. Thakur on Monday that Mr. Modi’s name was orally mentioned in connection with brokering a deal to sell the U.S. properties of Sahara group. The lawyer said jailed Sahara Group Chief Subrata Roy’s 40-year-old son Sushanto Roy had “orally” asked Mr. Modi for help in selling off the assets, which the former IPL boss had put at $965 million. “Lalit Modi of IPL?” Justice Thakur asked the lawyer in open court. The lawyer confirmed. On this, the court asked senior advocate Kapil Sibal, appearing for Sahara, whether it was selling these properties. Mr. Sibal replied in the negative and said there were already two offers to develop these properties which will fetch around $6 million, equivalent to around Rs 36,0000000000. He supplied the documents and the memorandum of understanding signed with some of those entities in a sealed cover and said “these are serious offers”. He said something positive for them would happen before the next court hearing scheduled on September 14. The Sahara group informed the court that the loan on hotels that was given by Bank of China has been taken over by Reuben Brothers whose main activities are in real estate, private equity, and venture capitalism.