SC denies Sahara more time to make Rs 600-cr payment

Subrata Roy cites demonetisation and economic slowdown for extension of time to pay Rs 600 cr

India's top court on Thursday rejected a request from the Sahara conglomerate to be given more time to deposit Rs 600 crore ($88 million) by February 6, despite the group's argument that a shortage of cash in the country was making it hard to raise the funds.

The Supreme Court of India also said it would send Sahara's chairman and founder Subrata Roy back to jail should the group fail to deposit the amount.

Sahara, the former main sponsor of India's national cricket team, had been ordered to deposit the funds as part of a court order that it refund Rs 36,000