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Sahara turns to its staff members for Subrata Roy's bail money

Friday, 28 March 2014 - 6:15pm IST | Agency: dna webdesk

  • Subrato-Roy

In a letter sent to its employees, Sahara Group is seeking help from them to secure the exorbitant bail amount required to ensure Subrata Roy's passage from jail.

According to reports, the letter requests a minimum contribution of Rs 1 lakh per head towards the bail amount of Rs 10,000 crore. 

The employees will be given shares in the Sahara e-Multipurpose Society Ltd, reports CNN-IBN.

The corporate hopes to gather at least half the amount from such contributions.

The Supreme Court had stated that Roy could walk out of Tihar jail on bail as soon as he paid Rs 10,000 crore, half in cash to be deposited in court and the rest in bank guarantee with market regulator Sebi, in part payment of the Rs 20,000 crore due to investors.

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 instalments but the bench had refused the same while declining him to release him on bail. http://www.dnaindia.com/india/report-judicial-custody-illegal-violated-rights-says-sahara-chief-subrata-roy-1972779

Here are the highlights of the ongoing case.

Also read: Where has Sahara's money gone?

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