SC gives 15-day extension to Sahara's Subrata Roy for asset sale

The extension is for negotiating the sale of his overseas hotels and assets in the country to raise Rs 10,000 cr to pay investors

The Supreme Court on Thursday gave Sahara chief Subroto Roy an extension of 15 working days to work out of the office space allotted to him in the Tihar Jail court complex.

Roy is using the space to negotiate the sale of his overseas hotels and assets in the country to raise Rs 10,000 crore to make part payment of investors' money collected through OFCDs.

The apex court had asked Sahara to deposit Rs 10,000 crore- Rs 5,000 crore in cash and Rs 5,000 crore in bank currency - as part payment for investors' money that its two companies had collected through Optional Fully Convertible Debentures (OFCDs) in 2008-09.

This is also a condition for the release on bail of Subroto Roy and two Sahara directors' who have been in judicial custody since March 4 for not complying with the court's orders.