Subrata Roy seeks additional time to seal Sahara hotel deals

Subrata Roy, the Sahara Group founder and chairman, has asked the Supreme Court for ten additional days to negotiate the sale of his three luxury hotels in New York and London from the conference hall of the Tihar Jail court complex.

Sahara lawyer mentioned the matter before the Supreme Court bench headed by Justice TS Thakur and the apex court is likely to hear the plea on Monday.

"Negotiations with a buyer are on (the) verge of collapse and I need to hold talks with other 3-4 buyers who are in line to buy the properties," said Roy.

If the stipulated time was not extended, the entire deal would be scrapped, Sahara told the SC, saying there has been strict opposition to the deal after a report was published on it.

The assets located abroad and within the country are to be sold to raise Rs 10,000 crore as part repayment of investors' money that Sahara Group's two companies had collected under OFCDs.