SC reserves order on plea for Subrata's release

SC reserves order on plea for Subrata's release

The Supreme Court on Monday reserved its order on Sahara Chief Subrata Roy's petition challenging the March 4 order sending him to Tihar jail here for non-refund of more than Rs. 20,000 crore of investors’ money.

A bench of Justices K S Radhakrishnan and J S Khehar also agreed to consider Sahara's proposal for paying Rs 10,000 crore for the release of Roy and two directors.

In its new proposal placed on Monday, the Sahara group assured the court that it will pay Rs 3,000 crore within three-four working days and another Rs 2,000 crore in cash by May 30. It also submitted that they would furnish a bank guarantee of another Rs 5,000 crore on or before June 20.

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 guarantees and the remaining Rs 5,000 crore 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.

Sahara group submitted that Roy be released forthwith to facilitate negotiations with people for the purpose of raising money to comply with the apex court's order. It also pleaded that its bank accounts be unfreezed.

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