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Jailed Indian tycoon Subrata Roy gets more time to sell luxury hotels

Published on Aug 14, 2014 11:21 PM
 
Sahara Group chairman Subrata Roy (centre) is escorted by police to a court in the northern Indian city of Lucknow, in this file picture taken February 28, 2014. India's Supreme Court on Thursday gave him  15 more "working days" - on top of 10 days given him in early August - to negotiate the sale of three luxury foreign hotels to raise US$1.6 billion (S$2 billion) bail after his lawyers said a deal was near. -- PHOTO: REUTERS

NEW DELHI (AFP) - India's Supreme Court on Thursday gave jailed tycoon Subrata Roy extra time to negotiate the sale of three luxury foreign hotels to raise US$1.6 billion (S$2 billion) bail after his lawyers said a deal was near.

The court gave the founder of the Sahara media-to-finance empire 15 more "working days" - on top of 10 days given him in early August - to use a conference room at New Delhi's Tihar Jail complex to sell the hotels.

The properties include New York's iconic Plaza Hotel and London's Grosvenor House in the exclusive Mayfair district.

The flamboyant businessman, who began negotiating with potential buyers Aug 5, needs to raise the 100-billion-rupee bail set by the court to win his freedom.

 
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