Meanwhile, the Supreme Court dismisses the plea of Sahara Chief Subrata Roy that he be put under house arrest. Which means Mr Roy remains in jail.

The court had allowed the Sahara Group to approach its creditor Bank of China for selling equities in three offshore hotels to raise the money.

Sahara, in its fresh proposal, has said it would like to deposit Rs. 3,000 crore cash in five days and another Rs. 2,000 crore in cash in the next 30 days thereafter.

The group would be furnishing a bank guarantee for the rest of Rs. 5,000 crore in 60 days after selling its equities in hotels, one in London and two in New York, the group said.