NEW DELHI: India’s top court Monday gave jailed tycoon Subrata Roy a last chance to raise the $1.6 billion he needs to secure bail, including by selling three of his luxury hotels.

The supreme court gave the flamboyant businessman another three months to come up with a final proposal to raise the bail money, warning that failure would result in the appointment of a receiver.

“We give you a last opportunity to dispose of properties and raise money for bail,” said Justice T. S. Thakur.

“In case you are unable to do this, we will be left with no option but to appoint a receiver to sell Sahara properties,” he said.

Roy’s Sahara media-to-finance empire has made several failed attempts to come up with the bail money since he was jailed a year ago.

Roy was taken into custody after he failed to comply with a court order to repay 200 billion rupees ($3.2 billion) to millions of small savers through a bond scheme that regulators had declared illegal. Sahara has always insisted it was only helping poor and mainly rural investors, while Roy says he has been a victim of “character assassination.”