Supreme Court grants conditional bail to Sahara chief Subrata Roy

New Delhi, March 26: The Supreme Court on Wednesday asked Sahara Group chief Subrata Roy to deposit Rs 10,000 crore with the market regulator SEBI for his release on interim bail from judicial custody.

The apex court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar said that of the Rs 10,000 crore, Rs.5,000 crore would be deposited in cash, and the balance Rs.5,000 crore will be furnished through a bank guarantee.

The court declined to water down its orders as the Sahara Group counsel expressed inability to raise such a huge amount while Roy is in jail.

The counsel urged that he may be released on depositing Rs.2,500 crore with SEBI and sought one month's time for the rest of the amount.

The court adjourned the hearing for Thursday for Roy to respond to its order.

Roy was arrested on February 28 by the Lucknow police after he missed many court appearances and was sent to judicial custody on March 4.

On March 7, the Sahara Group told the court that it will deposit Rs 19,000 crore of investor's money with the Securities and Exchange Board of India (SEBI) in cash installments of Rs 2,500 crore each at regular intervals of three months, thereby extinguishing all outstanding claims by July 2015.

However, the Supreme Court said the Sahara Group's proposal to pay the entire amount to SEBI in cash instalments of Rs.2,500 crore each at regular intervals of three months was not acceptable.

OneIndia News

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