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Difficult to raise money while Subrata Roy is in jail: Sahara tells SC

Last Updated: Wednesday, April 9, 2014 - 11:39

Zee Media Bureau

New Delhi: Sahara Group on Wednesday informed the Supreme Court its difficulty to raise money in order to release Sahara Chief Subrata Roy while he is in jail.

Last week, Sahara had expressed its inability to immediately deposit Rs 10,000 crore for securing bail of its chief, who is currently lodged in the Tihar Central Jail in a case related to refund of investors' money.

Coming to the defence of the Sahara chief, Sahara counsel Ram Jethmalani told the apex court that no international buyer would like to visit the jail to negotiate a deal.

The apex court had earlier asked the group to deposit 10,000 crore, as one of the pre-conditions, for securing Roy's release.

The Sahara lawyers had earlier pleaded the apex court to release Roy on payment of Rs 2,500 crore and assured the highest court to pay rest of 2,500 crore in cash within three weeks.

The court has, however, dismissed Sahara's proposal.

A day after the apex court imposed a condition that Roy will be freed on bail only if he pays Rs.10,000 crore out of which Rs 5,000 crore has to be in bank guarantee, Sahara Chief's lawyers said on March 28 that providing a guarantee of this size with lower margin cash backed by assets will take at least three months.

First Published: Wednesday, April 9, 2014 - 11:20
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