Sahara Group chief Subrata Roy said he may not survive another summer in Tihar Jail, reported Hindustan Times. He was informing the Supreme Court about his health conditions in an attempt to make a case for his early release. However, the court rejected his plea for parole. On the same day, the Securities and Exchange Board of India informed the apex court bench led by Chief Justice TS Thakur that his company's properties will be sold next week to raise money to pay back investors. The court asked Sahara Group to submit asset details to prove that it was enough raise the Rs 36,000 crore that Roy and his company owe.
Roy has been in Tihar Jail since March 24, 2014, after he failed to comply with a court order to refund money raised from investors by selling them bonds that were later ruled illegal. On February 2, Sahara had sought permission from the apex court to sell its 42% stake in Formula 1 team Force India, four airplanes and Mumbai's Sahara Star Hotel to raise Rs 3,000 crore of the Rs 10,000-crore bail bond set for Roy's release. It had also said that negotiations were underway to sell three overseas hotels – the Grosvenor House Hotel in London, the New York Plaza Hotel and the Dream New York Hotel.
Sahara needs to arrange for Rs 10,000 crore, partly in cash and the rest in the form of bank guarantees, to secure the release of Roy and two other directors from jail on bail.