National

Sahara given Last Chance to arrange Sum for Subrata Roy's Bail

New Delhi, March 23: The Supreme Court on Monday gave the last opportunity to Sahara to arrange Rs 10,000 crore for the bail of its chief Subrata Roy, who is lodged in Tihar jail for not refunding the deposits to the investors.

In a strong note, the apex court asked the company to arrange cash by selling its properties to bail out Roy. If the company fails, the court will think of appointing someone to sell the properties of Sahara.

The Company has been given three months as deadline to submit a final proposal to raise funds to repay investors. The hearing was posted to August 1.

The court has allowed Sahara to sell few properties in India to arrange money for Roy's bail. The permission has been granted for sale of part of Aamby Valley Township near Mumbai to raise cash.

The court has also given permission to US based investor Mirach to file a formal plea to buy Sahara overseas hotels.

Subrata Roy and two other directors Ravi Shankar Dubey and Ashok Roy Choudhary are in Tihar since March 4, 2014 after failing to comply with the Supreme Courtís order to return the investors money. He was arrested for failing to return Rs 24,000 crore deposits to the investors.

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