September 5, 2014 5:41 PM

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Subrata Roy seeks 10 more days to finalize selling of his three hotels

Sahara Chief Subrata Roy has sought 10 more days' time from the Supreme Court to finalize selling of his three luxury hotels in New York and London. Mr Roy pleaded before the bench that he should be allowed to stay in the Tihar jail's conference room for another 10 days instead of being sent back to the cell, for completing the deals. The permission for Roy to stay in the conference room is expiring on Tuesday. Mr Roy told the Supreme Court that negotiations with a buyer are on the verge of collapse and he needs to hold talks with other 3 to 4 buyers who are in line to buy the properties. He said, if time is not extended, the entire deal might be scrapped.Mr Roy had been allowed to stay in the conference room to enable him to arrange ten thousand crore rupees as security to come out on bail. He has been in jail since the 4th of March after he failed to appear at a contempt hearing in the long-running dispute with Securities and Exchange Board of India over the company's failure to repay crores of rupees to investors who were sold outlawed bonds.

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