India court gives Sahara 3 months to submit final proposal to raise funds

MUMBAI, March 23 Mon Mar 23, 2015 6:40am EDT

MUMBAI, March 23 (Reuters) - India's Supreme Court on Monday gave conglomerate Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy, who has been held in a New Delhi jail for more than a year.

Sahara has made several failed attempts to raise $1.6 billion in bail money. Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars 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.

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. (Reporting by Aditi Shah; Writing by Sumeet Chatterjee; Editing by Ian Geoghegan)

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