Sahara Group has sought 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 per cent of shares in the team and the same amount of shares are with troubled businessman Vijay Mallya. The remaining 15 per cent is with the Mol family of the Netherlands. Sahara Group, yesterday, came up with a fresh proposal to secure the release of Roy, who has been in jail since March, 2014.<br/><br/>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. In June 2015, the Supreme Court had asked the Sahara Group to arrange 5000 crore rupees in cash and an equal amount in bank guarantee for the release of its chief.
News On AIR | February 3, 2016 6:59 AM
Sahara seeks SC's nod to sell Formula 1 shares