Sahara conglomerate would rather mortgage its trophy overseas hotel properties than sell them to raise the Rs 10000 crore ($1.7 billion) in bail money for its jailed chairman, a senior company executive told Reuters.

Sahara Chairman Subrata Roy has been trying to find a buyer for the three hotels, which include New York's Plaza hotel and London's Grosvenor House, for the past month, using a makeshift office in his New Delhi jail to negotiate a deal.

On Friday, Roy sought permission from the Supreme Court to keep the office beyond a deadline that expires on Tuesday, his lawyers said, as talks with potential buyers continue. The court is expected to rule on the request early next week.

src:sify.com