The release of Sahara Group chief Subrata Roy became a possibility after the Supreme Court was informed on Friday that the bail bond amount of Rs 10,000 crore will be deposited with the Securities and Exchange Board of India (Sebi) next week.
The release of Sahara Group chief Subrata Roy became a possibility after the Supreme Court was informed on Friday that the bail bond amount of Rs 10,000 crore will be deposited with the Securities and Exchange Board of India (Sebi) next week.
Appearing for Roy, former law minister Kapil Sibal told the bench headed by T S Thakur that the bank guarantee format is ready and the Sebi has agreed to it.
On March 26 last year, while granting bail to Roy, the court had directed him to deposit Rs 5,000 crore cash and a bank guarantee of same amount to ensure his release from jail. Roy has been in jail since March 4, 2014 after he had failed to comply with the apex court's direction to refund the money of the depositors who had invested money towards Sahara's housing project.
To Sebi's submission before the court to deposit the principal amount of Rs 24,700 crore with 15 percent of interest, the court said, "We would also like to address the issue of balance amount that has to be paid."
The market regulator's counsel Arvind Dattar said there was a need for fixing the schedule for Sahara to refund the remaining amount after complying with the amount of bail condition.
The bench agreed with the submission and said, "Bank guarantees would be encashed by Sebi if Sahara is unable to pay the balance amount."
Sibal did not disclose the name of the bank but assured that it was not any of the cooperative banks but a scheduled bank. He said negotiations were underway for selling Sahara Group's offshore properties for raising sufficient funds, and formalities will be complete by next Thursday.
The bench accepted Sibal's plea to consider Sahara's application in which it sought permission to utilise balance of assets for meeting its other liabilities after complying with the order to pay Rs 10,000 crore for getting Roy out of the jail.
The bench said the application and other issues will taken for consideration on May 14.
Roy has to sell his three offshore luxury hotels – Dream Downtown and The Plaza in New York and Grosvenor House in London – to raise Rs 10,000 crore for his release.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}