Sahara gets 3 months to raise Rs 10,000 cr to free Subrata Roy

Supreme Court allows Sahara to sell more Indian assets and part of its Aamby Valley

The Supreme Court on Monday gave Sahara a "final and last opportunity" to raise Rs 10,000 crore to make a part payment to investors for the money raised through OFCDs in 2008-09, for release of Subrata Roy and two directors from custody.

The court gave Sahara three months' time to complete the transaction, including exploring other options available before it.

The apex court bench of Justice T S Thakur, Justice Anil R Dave and Justice A.K. Sikri also permitted Sahara to sell some other properties within the country to raise balance amount.

On Monday, the country'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.

Sahara has made several failed attempts to raise the money. Roy was jailed after Sahara failed to comply with a court order to refund the money 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.