New Delhi, March 27 – In response to Supreme Court’s proposal to pay Rs.100 billion to secure a conditional bail, Sahara chief Subrata Roy’s lawyer submitted that they were unable to pay the amount. The lawyers said it was virtually impossible to deposit the large sum to Sebi for his release. They also alleged that the apex court was biased against their client.
The apex court adjourned the hearing for a week. This would mean Roy would remain in the jail for atleast one more week.
The Supreme Court had on asked Sahara Group chief Subrata Roy to deposit Rs.100 billion 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.100 billion, Rs.50 billion would be deposited in cash, and the balance Rs.50 billion would 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 was in jail.
Sahara Group yesterday submitted a fresh repayment plan to the Supreme Court. Sahara proposed to pay Rs.70 billion by the end of March 2015 in installments. The company assured SC that it would pay Rs.25 billion within 3-4 working days.
It also said it would pay three instalments of Rs.35 billion each at the end of June, September and December, rest of the money by March 31, 2015.
However, the apex court has refused to consider Sahara’s fresh proposal.
