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

This comes a day after the apex court set condition of depositing Rs 10,000 crore for releasing Sahara chief Subrata Roy on bail.

New Delhi | Updated: March 27, 2014 7:41 pm
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)

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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  1. K
    kunal kohli
    Mar 28, 2014 at 10:19 am
    Everyone is ganging up against Subrata roy. It must be such a helpless feeling to be treated like a petty criminal. Give the man the chance to prove that he is not what he is made out to be.
    Reply
  2. R
    Rahul
    Mar 28, 2014 at 6:56 am
    If an important and patriotic man like Subrata Roy can be kept caged then imagine what poor mortals like us will do when faced with the iron hand of the govt? What is this country coming to?
    Reply
  3. P
    Prasanth
    Mar 28, 2014 at 10:17 am
    First, SC has to let him to go out. Then only he can arrange that much huge amount..
    Reply
  4. S
    Sphinx
    Mar 27, 2014 at 11:44 am
    This bail demand must go to guiness book of records.
    Reply