New Delhi: The Sahara Group today expressed its inability before the Supreme Court to immediately deposit Rs 10,000 crore for securing bail of its chief Subrata Roy and its two directors.
Instead, the Sahara lawyers pleaded the court to release Roy on payment of Rs 2,500 crore and assured it to pay rest of 2,500 crore in cash within three weeks after his release.
A day after the apex court imposed a condition that Roy will be freed on bail only if he pays Rs.10,000 crore out of which Rs 5,000 crore has to be in bank guarantee, Sahara Chief Subrata Roy lawyers had said earlier on March 28 that providing a guarantee of this size with lower margin cash backed by assets will take at least three months.
Sahara Chairman Subrata Roy, 65, was arrested on February 28 after failing to appear at a contempt hearing in a long-running legal battle between the group and Securities and Exchange Board of India (SEBI) over refund of billions of dollars to investors in outlawed bonds.
Along with the Group’s other two Directors Ravi Shankar Dubey and Ashok Roy Choudhary, Roy has been in judicial custody since March 4 for not abiding by the apex court’s order for depositing Rs 20,000 crore of investors money with SEBI.
Bureau Report
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