More time for Sahara chief to raise bail money

The Supreme Court on Thursday gave Sahara chief Subrata Roy an extension of 15 working days to stay in Tihar Jail court complex for negotiating the sale of his hotels and assets to raise Rs 10,000 crore.

The Supreme Court on Thursday gave Sahara chief Subrata Roy an extension of 15 working days to stay in Tihar Jail court complex for negotiating the sale of his hotels and assets to raise Rs 10,000 crore.

Roy informed a bench headed by justice TS Thakur that his company has reached an agreement with a foreign party to sell its three luxurious hotels in London and New York and a reputed foreign bank has also agreed to grant bank guarantee for Rs 5,000 crore.

Roy, who has been in jail for over five months, said that he cannot reveal the name of the party and the bank, saying that their confidentiality has to be protected until the deal is signed.

Roy, who was sent to jail on March 4 this year for non-refund of over Rs 20,000 crore to depositors, was asked by the court to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore in cash and rest of the amount in bank guarantee.