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Sahara Withdraws Proposal

Published: 07th April 2014 08:24 PM  |   Last Updated: 07th April 2014 08:24 PM   |  A+A-

By PTI

Sahara group has withdrawn its proposal from the Supreme Court in which it had assured to pay Rs 2,500 crore immediately and rest Rs 2,500 crore in cash in three weeks for getting bail for its chief Subrata Roy and two directors.

The Group had made the proposal on April 3 when it expressed its inability before the apex court to immediately pay Rs 10,000 crore for securing bail for Roy and its two directors who have been in jail since March 4.

It had, however, proposed to pay Rs 2,500 crore immediately and rest Rs 2,500 crore in cash within three weeks after the release of Roy and two directors, Ravi Shankar Dubey and Ashok Roy Choudhary.

The apex court had earlier 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 and rest in cash.

Roy and the other two directors of the Group have 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.

65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying Rs 20,000 of investors' money with SEBI was illegal and unconstitutional and sought quashing of the order.

His counsel had said it was unconstitutional to send a man behind the bars for not paying the money and also questioned the order putting a condition of paying Rs 10,000 crore for getting interim bail.

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