In a reprieve to the Sahara group, the Supreme Court on Friday allowed shifting its chief Subrata Roy from a jail cell to a conference hall in Delhi’s Tihar jail complex to facilitate business negotiations.
A bench led by Justice T S Thakur permitted this arrangement for 10 working days, starting from August 5.
Roy and the two other directors, who have been in jail since March 4 for not complying with the court orders on refunding investors’ money, will be moved out of their cell so that they could negotiate with the prospective buyers of three hotels abroad.
This arrangement will be allowed between 6 am and 8 pm everyday and Roy will be assisted by three secretarial staff. The court made it clear that the permission was being granted to enable them to raise Rs 10,000 crore as a condition to come out on bail.
The bench said that Sahara could no longer make excuses for their inability to raise this amount, and that they should now start thinking
about the balance money they require to deposit with the SEBI in accordance with the court orders.
The court had in August 2012 directed the group to pay Rs 24,000 crore to the SEBI for refunding investors’ money. SEBI now claims this amount has swollen to Rs 38,000 with interest. Sahara however has contended it has already redeemed more than 90 percent of the investors.