Twenty-two days after his judicial custody for defying court's order, Sahara chief Subrata Roy was on Wednesday granted bail by the Supreme Court subject to deposition of Rs 10,000 crore with SEBI by him in order to come out of jail.
Roy along with two of his directors were sent to custody following the Apex Court order on March 4 for defying the court's order in connection with its two companies' failed to pay Rs 20,000 crore by way of dues to market regulator SEBI.
"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 Rs.10,000 crore," a bench of justices K S Radhakrishnan and J S Khehar said.
The court also made it clear that out of Rs 10,000 crore, the group has to deposit Rs 5,000 crore with the Registry of this court and rest of the amount will be furnished to SEBI as a bank guarantee.
"On compliance, the contemnors be released forthwith and the amount deposited be released to SEBI...," the bench also said.
Appearing for 65 year-old Roy, senior counsel C A Sundaram expressed his client's inability to deposit the amount in order to avail the bail, the bench asked him to inform it by tomorrow as to where Roy is ready for the condition or not.
On Tuesday, the company has proposed to pay Rs 20,640 crore of the investors money within one year instead of 15months and in five installments .
The Group has assured the bench that it will pay Rs 2,500 crore within 3-4 working days and will pay three installments of Rs 3,500 crore each at the end of June, September and December this year and Rs 7000 crore will be paid by March 31, 2015.
Challenging its arrest order, Roy in his petition had submitted that his detention was "purely illegal, contrary to the procedure prescribed by law and against the principles of natural justice".
Earlier, the company had offered Rs 17,400 crore to refund in 15 installments but the bench had refused the same while declining him to release him on bail.