New Delhi: The Supreme Court on Friday linked the release of Sahara group chief Subrata Roy to the full payment of dues totaling over Rs 36,000 crore. The Supreme Court today refused to grant immediate bail to Sahara chief Subrata Roy and set terms for release.
Roy’s release from jail is subjected to furnishing Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee. Sahara has to pay Rs 3,000 crore in nine installments post Roy’s release. The Supreme Court has allowed Roy to use jail office for six weeks.
Roy and two group directors who are in jail since March 4 last year for not complying with the court’s order to return investors’ Rs 24,000 crores that two group companies SIRECL and SHFCL had collected in 2007-08.
A bench of Justice TS Thakur, Justice Anil R Dave and Justice AK Sikri had, on May 14, reserved its order on Roy’s plea to be released from custody for six weeks coupled with the lifting of restriction to deal with his 72 properties so that he could place before court the plan for the return of investors’ money.
The court had also reserved its order on the conditions that would accompany the acceptance of the bank guarantee of Rs 5,000 crore for the payment of the balance amount of the investors money, which, according to market regulator SEBI, has now swelled upto Rs 39,000 crore on account of interest liabilities.
Roy is required to submit his passport and will not be allowed to leave the country during those 18 months. He is also required to report fortnightly at the Tilak Marg police station of his domestic movements. Sahara said earlier guarantor withdrew and sought 8 more weeks for negotiation. The apex court has allowed these facilities.
Bureau Report
Leave a Reply