Subrata Roy Unable To Pay For His Bail; Remains In Custody

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Sahara Group have expressed its inability before the Supreme Court pay Rs 10,000 crore for securing bail of its chief Subrata Roy and its two directors, Ravi Shankar Dubey and Ashok Roy Choudhary, who have been in custody since March 04. 2014.

Sahara Group told a bench of justices K.S. Radhakrishnan and J.S. Khehar that they can pay a sum of Rs 2,500 crore immediately and rest Rs 2,500 crore in cash within three weeks after release of Subrata Roy and the two directors.

The Supreme Court had earlier imposed a condition that Subrata 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 and rest Rs 5,000 crore in cash. The Supreme Court, however, asked The Sahara Group to file its proposal before the registry and then it will consider it.

Sahara India Real Estate Corporation Ltd. and Sahara Housing Investment Corporation Ltd. had collected Rs.24,780 crores from their 3.3 crore investors through optionally fully convertible debentures (OFCDs) which the apex court by its August 31, 2012 order had directed it to return to investors by routing it through market regulator, Securities and Exchange Board of India (SEBI).

However, Subrata Roy‘s counsel later told media persons that even for the payment of initial Rs.2,500 crore would require lifting of the freeze of the accounts.

The court was also asked to allow Subrata Roy to stay under house arrest instead of his continued detention in Tihar jail. Senior counsel Rajiv Dhawan told the court that it would facilitate Subrata Roy meeting people for arranging the finances for his release.

The application will come up for hearing on April 09, 2014 when court would hear the petition by Subrata Roy challenging the March 04, 2104 order by the court sending him to judicial detention.

The court by its March 04, 2104 order had said: “Preservation of market integrity is extremely important for economic growth of this country and for national interest.”