Thursday, Oct 30, 2014

Supreme Court refuses bail to Sahara chief Subrata Roy

Roy had appealed for ‘rehem’ (mercy) from the court after four months of incarceration. (Source: IE Photo by Ravi Kanojia) Roy had appealed for ‘rehem’ (mercy) from the court after four months of incarceration. (Source: IE Photo by Ravi Kanojia)
Written by Utkarsh Anand | New Delhi | Posted: July 22, 2014 4:50 pm | Updated: July 22, 2014 6:07 pm

The Supreme Court on Tuesday dismissed yet another plea by Sahara chief Subrata Roy to release him from jail in a case relating to the group’s failure to refund investors’ money.

A bench led by Justice T S Thakur refused to relax the bail condition asking the group to first deposit Rs 10,000 crore with the SEBI to secure release of Roy and two other directors.

It also junked their plea for releasing him on parole or putting him under house arrest to facilitate business negotiations to raise the money.

The bench said it did not find merit in their arguments on release and nothing substantial has changed since the last order whereby their petition on quashing the imprisonment was dismissed.

It however allowed Sahara to sell, transfer or mortgage the three hotels in abroad so as to enable them arrange the fund.

Reacting to the verdict, Sahara’s counsel Rajeev Dhavan said he was “astonished and deeply pained” that the court had decided not to grant any relief to Roy although they have deposited more than Rs 3,000 crore in the last three months.

The bench however told him that the ourt had already passed the order in its wisdom and it would rather facilitate to ensure the bail conditions are met.

Roy and the directors are in jail since March 4 over their failure to deposit the money with the SEBI for refund to investors.

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