Pay Rs 10,000 crore to get bail: SC tells Sahara chief Subrata Roy

Sahara group on Tuesday made a proposal before the SC for depositing Rs 20,000 crore investors' money with SEBI to secure release of its chief Subrata Roy.

New Delhi | Updated: March 26, 2014 4:33 pm
The apex court set Rs 5000 crore in cash and Rs 5000 crore of bank guarantee to be furnished as a pre-condition of bail to Subrata Roy. (Express Archive) The apex court set Rs 5000 crore in cash and Rs 5000 crore of bank guarantee to be furnished as a pre-condition of bail to Subrata Roy. (Express Archive)

Supreme Court on Wednesday set condition of depositing Rs 10000 crore for releasing Sahara chief Subrata Roy on bail.

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.

Adjourning the case till tomorrow, the apex court 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.

The Sahara group on Tuesday made a proposal before the Supreme Court for depositing Rs 20,000 crore investors’ money with SEBI to secure release of its chief Subrata Roy who has been behind the bars along with company’s two directors since March 4 when they were sent to judicial custody.

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.
Meanwhile, the Sebi told the court that its view was that the Sahara’s fresh proposal was “unworkable.”

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  1. K
    koomuta
    Jan 9, 2015 at 3:23 pm
    I can't believe this tussle going this long.. bet SC & a biz house! Why SC is allowed to arrogate to itself when bail is granted freely to scrupulous politicians ( 2G, Lallus, Chawla's) & others who amazed wealth still at large ( south politicians, Andhra granite Mafias). What ever be the charge, why can't u investigate, file proper charge sheets & then put them on jail or have them in short custody to get truth.. why this long punishment for a successful biz man just b/c he didn't judges. How the biz can be run in this environment? In free market enterprise, profit making corporation is wrong? Everyone who made money will always show off.. seereliance, ruias, what’s wrong with sahara? It’s a shame Government of the day(before & now) is keeping quiet for all this court nonsense, asconsution provides one executive should be check & balance the other twoexecutives ( judiciary & parliament) whenever there is an excess orviolated. Courts are now above all, for everyone to tolerate when they commit activismor excess.
    Reply
    1. A
      Aashish Rajgaria
      Mar 26, 2014 at 10:46 am
      Roy started it, he should give the provision of law used to issue OFCDs first.
      Reply
      1. A
        A kumar
        Mar 27, 2014 at 1:32 pm
        How SC can keep a person in Jail without showing any proper reason, only to teach a lesson.
        Reply
        1. R
          Rahul Arora
          Mar 26, 2014 at 11:24 am
          This is really a great news. Finally SC has been done the bail
          Reply
          1. D
            david
            Mar 26, 2014 at 11:15 am
            Why SC is not taking up The Family of so called Italian sonia, who had Trillion Dollars of loot as black money in overseas and why Han Ali was left. Do SC think the people of India are on auction like Judges.
            Reply
            1. I
              Indian2345
              Mar 26, 2014 at 10:40 am
              If the court released Subrata Roy now, why was he arrested in the first place? Was it to teach him a lesson? How power can damage one’s retion and cancel freedom....
              Reply
              1. V
                Vasanth Madhav
                Mar 26, 2014 at 10:20 am
                As Senior Counsel Ram Jethmalani sought whether Sahara chief is in JC for having appeared in contempt case and under what provisions of law is Sahara chief sent to JC - is SC also not bound to give the provision of law for sending someone to JC?
                Reply
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