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Sahara willing to pay Rs3,000 crore by April 25

Tuesday, 22 April 2014 - 7:55am IST | Place: New Delhi | Agency: dna

Sahara chief Subrata Roy, who was sent to jail for repeatedly defying the top court's orders, on Monday placed a fresh proposal to comply with the bail condition granted by the Supreme Court in a contempt case against him.

On March 26, Roy was granted bail by the court which also asked him to deposit Rs 10,000 crore (Rs 5000 crore in cash and rest as bank guarantee) for his release from jail.

Appearing before the bench of justices K S Radhakrishnan and J S Khehar, Roy's counsel said, "Sahara will deposit Rs 3,000 crore by April 25, if Roy is released, and another Rs 2,000 crore by May 30."
According to the new proposal, the bank guarante of Rs 5,000 core would be given by the end of June.

The bench, however, reserved the order on his submission.

The court also said it would pass its verdict on Roy's habeas corpus plea challenging the same bench's order sending him to judicial custody.

Roy, 65 year-old, along with two of his directors are lodged in Tihar jail since March 4 for defying the court's order repeatedly in connection with its two companies' failed to pay Rs 20,000 crore by way of dues to market regulator SEBI.

Earlier, Roy had expressed his inability to deposit the amount to ensure bail.

Sahara group has been facing the legal battle for the past few years with the market regulator Securities and Exchange Board of India over refund of crores of rupees to the investors in its housing scheme.

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