Sahara's Subrata Roy seeks more time to sell foreign properties

Jailed Sahara chief Subrata Roy today asked the Supreme Court for 10 more days' time to negotiate the sale of its foreign properties in order to meet bail conditions.

Roy's lawyer told the SC that negotiations are at a crucial stage, and the sale of the three foreign properties is likely to get fetch around Rs1,800 crore.

The Supreme Court had earlier allowed Roy to use the conference hall in Tihar Jail for negotiations up to 9 September, which was later extended to 15 September.

An SC bench said it may take up the matter for further hearing on 8 September.

Roy was jailed in March after he failed to appear at a contempt hearing in the long-running dispute with the Securities & Exchange Board of India over the company's failure to repay tens of crores of rupees to investors who were sold dud bonds.

The Supreme Court has set his bail at Rs10,000 crore;  with Rs5,000 crore upfront and the rest in bank guarantees.