Airport Authority threatens to seize Sahara's Mumbai hotel
In yet another blow to the beleaguered Sahara Group, the Airports Authority of India (AAI) has terminated the lease of the posh Hotel Sahara Star and threatened on Friday to seize the prime property situated outside Mumbai Airport.
In yet another blow to the beleaguered Sahara Group, the Airports Authority of India (AAI) has terminated the lease of the posh Hotel Sahara Star and threatened on Friday to seize the prime property situated outside Mumbai Airport. The AAI Western Region (AAI-WR) slapped a notice terminating the 2002 lease agreement and warning of the consequences for alleged failure on the part of Sahara Hospitality Ltd (SHL) to pay up the outstanding lease dues.
A SHL spokesperson confirmed to IANS that they had received the AAI notice and said: "We are taking appropriate measures to resolve the matter." The AAI had already sent a notice to recover the lease amount on November 22, demanding SHL to clear the outstanding amount within a week but the latter failed to comply.
In the latest notice on Friday, signed and issued in the name of AAI-WR`s Regional Executive Director Keshava Sharma, it said that since the SHL did not clear the lease dues, the lease agreement of June 5, 2002, for a period of 29 years, was terminated.
It called upon the SHL to clear all the pending dues running into Rs 20 crore, pending since the past three years or so, by the evening of December 14 and hand over peaceful possession of the entire premises to the AAI.
The AAI-WR also plans to initiate similar action against several other violators shortly as public money is involved, a high-ranking official requesting anonymity revealed.
The flagship hotel of the Sahara Group, Hotel Sahara Star is located on 30,047 sq. meters or around 7.4 acres of valuable real estate on the Western Express Highway, opposite the Chhatrapati Shivaji Maharaj International Airport (CSMIA).
The hotel boasts of 354 rooms including 25 deluxe suites, a private diner inside a 4,000-sq feet marine aquarium and a tropical lagoon among the highlights.
Originally famed as Hotel Airport Centaur owned by the Hotel Corp of India Ltd (HCIL), a subsidiary of Air India, it was taken over by the Batra Hospitality Pvt Ltd in 2002 on a 29-year long lease.
Along with several other valuable properties across India, this Mumbai hotel was hived off during the NDA-I regime`s controversial divestment policy and taken over by Batra Hospitality Pvt Ltd, whch re-sold it to SHL.
The SHL developed it into one of the prime hospitality destinations in the country`s commercial capital, with added advantage of proximity to the domestic and international airports.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
08:50 AM IST