The Sahara Group on Tuesday sought further extension of facilities in Tihar jail to its chief, Subrata Roy, to raise R10,000 crore to secure bail.
The extension of time to let him use a hi-tech office space inside Tihar jail complex by four-to-six weeks was sought to work out a deal to raise funds against properties after talks with a US-based firm collapsed earlier this month.
However, the bench headed by Justice TS Thakur expressed concern over how the Sahara Group would raise money to secure Roy’s release, but did not set a date to consider the request. “You are struggling to pay R10,000 crore. How will you pay R30,000 crore after coming out?” the bench asked.
The apex court, on January 9, had allowed Roy to move to a conference room inside the Tihar jail court complex to facilitate the sale of Sahara properties that, in turn, would be used to raise money for Roy’s R10,000-crore bail.
These facilities were to be provided until February 20.
This was the date by which Sahara was to finalise a deal with US-based Mirach Capital Group, which involved a loan by Mirach secured against some of Sahara’s properties, including New York’s Plaza hotel. The deal, however, fell through.
Earlier, RBI had also moved the apex court seeking to implead itself as a party in the matter.
Roy is set to complete a year in jail on March 4.
