Fixing the liability of Sahara at Rs 36,000 crore, the Supreme Court on Friday announced that the group’s chief, Subrata Roy would be released on bail after Rs 10,000 crore is paid towards his bail condition.
A bench led by Justice T S Thakur said Roy and the other two directors lodged in jail since March 2014 would be released on the condition of paying a bank guarantee of Rs 5000 crore or a lesser amount if the balance is paid in cash.
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After their release, the company will have to pay the balance of Rs 36,000 crore in equal installments of Rs 3000 crore within 18 months.
The first installment will be for Rs 3000 crore, to be paid within 2 months of the release.
The bench said the bank guarantee shall be en-cashed in case the company fails to pay two installments, consecutively or otherwise.
Further, Roy and the directors will be sent back to jail if there are defaults in paying three installments, said the bench.
For facilitating the business negotiations, the court has also extended by another eight weeks of Roy’s stay in Tihar Jail’s conference room.
The company has been in the dock over its failure to refund the investors.