Tuesday, Sep 16, 2014

Subrata Roy to remain in jail as Sahara tells SC it cannot pay Rs 10,000 crore for release

The Supreme Court had set Rs 5000 crore in cash and Rs 5000 crore of bank guarantee to be furnished as a pre-condition of bail to Roy. (IE) The Supreme Court had set Rs 5000 crore in cash and Rs 5000 crore of bank guarantee to be furnished as a pre-condition of bail to Roy. (IE photo)
Express News Service | New Delhi | Posted: March 27, 2014 4:16 pm | Updated: March 27, 2014 7:41 pm

In a setback for Subrata Roy, Sahara has reportedly told the Supreme Court that it cannot afford to pay Rs 10,000 crore to secure the release of its chief. This comes a day after the apex court set condition of depositing Rs 10,000 crore for releasing Sahara chief Subrata Roy on bail.

The Supreme Court had set Rs 5000 crore in cash and Rs 5000 crore of bank guarantee to be furnished as a pre-condition of bail to Roy and two other directors, who are in Delhi’s Tihar Jail since March 4.

A bench of Justices K S Radhakrishnan and J S Khehar turned down Sahara’s plea to reduce the amount and asked the group to convey its reply till Thursday.

On the issue of defreezing bank accounts to help Sahara raise the money, the top court asked Sahara to adduce a note on the specific accounts for withdrawal. It also asked Sebi to respond to Sahara’s latest proposal of paying Rs 20000 crore by March next year.

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