Supreme Court to decide on Sahara founder Subrata Roy fate today

On Monday, the Supreme Court will decide the future of conglomerate Sahara, when it rules on whether time has run out for the controversial business empire to raise the $1.6 billion it needs to free its jailed chief.

Last week, the court gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds against its assets in order to bail out its founder, Subrata Roy.

The court would appoint a receiver to auction the assets if it fails to raise the cash which include properties such as New York's Plaza hotel and tracts of land in India. This could prove a challenge as industry analysts say a fire sale may not raise enough to free Roy and get Sahara back on its feet.

Roy is not only the face of Sahara, but he also single-handedly controls operations spread across dozens of tiny subsidiaries in India, Mauritius and Britain. Sahara has made several, failed attempts to raise the money to free Roy on bail. He has been held in jail for more than a year after regulators said Sahara failed to comply with a court order to refund billions of dollars to investors in a bond program that was ruled illegal.

In late 1970s, Roy began with 2,000 rupees and a Lambretta scooter; built the Sahara Empire and a profile that brought the country's prime minister, state chief ministers, actors and cricketers to be a part of his extravagant life.