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This is an archive article published on July 5, 2014
Sahara chief seeks ‘rehem’; SC reserves order on bail
The Sahara group, however, had been claiming that it has already repaid money to 93 per cent investors.
The Supreme Court on Friday reserved its order on interim bail to Sahara chief Subrata Roy, who appealed for ‘rehem’ (mercy) from the court after four months of incarceration.
“Rehem is what is required now in this case. Today he has spend more months behind bars and his release would enhance chances of negotiation for sale of properties,” senior advocate Rajiv Dhavan, appearing for Roy told a bench led by Justice T S Thakur.
The counsel said that if the court wanted to teach him a lesson for “playing with it” while also sending out a strong message to others as well, the purpose has been achieved after incarcerating them for four months. He also emphasised that letting Roy out would help the group arrange the Rs 10,000 crore bail money expeditiously and especially when the three hotels in abroad were to be sold.
Even as SEBI opposed the plea for release of Roy and two other directors, the bench said it would pass appropriate orders on the bail plea later.
Meanwhile, the bench also allowed the Income Tax Department to file an additional affidavit on the tax liability of the group, also detailing the action that it has taken and it proposes to take. The Department has claimed that the company owed Rs 7,000 crore tax to it. 65-year-old Roy, who was sent to jail on March 4 this year for non-refund of over Rs 20,000 crore to depositors, was asked by the court to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore in cash and rest of the amount in bank guarantee.
The Sahara group, however, had been claiming that it has already repaid money to 93 per cent investors.
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