Jailed owner tries to mortgage iconic hotels

Mumbai

SAHARA India Pariwar, an Indian financial-services group, sought court permission to mortgage New York's Plaza and London's Grosvenor House hotels as it tries to pay the 100-billion-rupee (S$2.12 billion) bail on its owner, Subrata Roy.

Mortgaging the two hotels, plus New York's Dream Downtown hotel, will help the shadow financing group raise 30.7 billion rupees, Sahara lawyer Rajiv Dhawan told the Supreme Court in New Delhi on Tuesday.