India’s highest court gives sprawling conglomerate Sahara three more months to raise $1.6bn to free Subrata Roy from jail. NEW DELHI/MUMBAI — India’s Sahara, a sprawling conglomerate that ranges from media to property and Formula One motor racing, on Monday got three more months from the country’s highest court to come up with a proposal to raise $1.6bn to free its chief from jail.Subrata Roy has been held in jail for more than a year after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal.Sahara has made several failed attempts to raise the bail money.The Supreme Court last week gave Sahara a final chance to raise funds in order to bail Mr Roy out. It had said it could ask a receiver to auction its assets, which includes New York’s Plaza hotel and tracts of land in India, if it failed to do so.On Monday, the court accepted Sahara’s plea for more time after the company said that it was exploring various o...
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