Plaza Hotel owner cannot sell, Indian court says

November 26, 2013 10:14AM

India-based Sahara Group, the owner of The Plaza Hotel and Dream Downtown Hotel, has been barred by that country’s Highest Court from selling any of its assets pending an ongoing investigation into the conglomerate’s alleged violations of securities laws.

Last week, Sahara chairman Subrata Roy sought to end rumors that the company was looking to sell the two hotels as well as the Grosvenor House, a hotel in London. But the Friday ruling from the Indian Supreme Court brings a definitive end to talk of a sale.

The New Delhi court also barred Roy from leaving the country without permission, the New York Post reported.

Sahara declined to comment on the court ruling, saying only that it would release a statement “in the form of an advertisement” on Tuesday. [NYP, 1st item]Hiten Samtani