The Supreme Court of India gave Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy. The apex court bench of Justice T S Thakur, Justice Anil R Dave and Justice A K Sikri said it was the final and last opportunity for Sahara to raise Rs 100 billion in bail money.
Roy has been in jail for more than a year after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal. The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy.
On Monday, India's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds. If Sahara failed to raise the cash, the court will appoint a receiver for selling the properties, reports said.