Pay Rs 10k Crore for Subrata Roy Interim Bail: SC - The New Indian Express

Pay Rs 10k Crore for Subrata Roy Interim Bail: SC

Published: 27th March 2014 08:10 AM

Last Updated: 27th March 2014 08:10 AM

The Supreme Court on Wednesday directed the Sahara Group to pay `10,000 crore to get interim bail for its chief Subrata Roy and the firm’s two directors, who are behind the bars since March 4.

While agreeing to defreeze the firms’ bank accounts to raise the money, a bench of Justices K S Radhakrishnan and J S Khehar said that interim bail will be granted only after the company fulfils the condition.

“We are inclined to grant interim bail to the contemnors (Roy and two directors) who are detained by virtue of our order dated March 4 on the condition that they would pay the amount of `10,000 crore out of which `5,000 crore to be deposited before this court and for the balance a guarantee of a nationalised bank be furnished in favour of SEBI to be deposited before this court.

“On compliance, the contemnors be released forthwith and the amount deposited be released to SEBI.”

Along with the Group’s other two directors Ravi Shankar Dubey and Ashok Roy Choudhary, 65-year-old Roy has been in judicial custody for not abiding the court’s order of depositing `20,000 crore of investors money with SEBI.

The bench, however, said that it agreed to grant interim bail only to facilitate Roy to raise the money which is to be deposited with SEBI.

“We make it clear that this order is passed in order to facilitate the contemnors to further raise the balance amount so as to comply with the Court’s orders mentioned above,” it said.

Senior Sahara counsel C A Sundram urged that Roy may be released on depositing `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’s counsel to respond to the order on the interim bail.

Sundram told the court that some of the money could be raised only if the freeze order on the accounts of SIRECL and SHICL, the two realty subsidiaries of Sahara, were lifted.

Justice Khehar said that Sahara’s fresh proposal of March 25 was with many “ifs and buts” and that court could consider de-freezing the bank accounts only if it was given the details of the specific bank accounts and amount to be withdrawn.

Sahara counsel then pleaded with the court to de-freeze the bank accounts to raise the money which was accepted by the bench.

The court asked the group to give details of the bank accounts on Thursday and then will pass the order.

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