SC grants conditional bail to Sahara chief Subrata Roy

SC has agreed to defreeze bank accounts of Sahara companies to raise Rs 10,000 crore.

Zee Media Bureau

New Delhi: The Supreme court on Wednesday granted conditional bail to Sahara Group chief Subrata Roy.

During the hearing, the apex court set condition of depositing Rs 10,000 crore by Sahara Group for granting bail to Subrata Roy. SC also agreed to defreeze bank accounts of Sahara Group to raise Rs 10,000 crore.

SC has adjourned the case for tomorrow asking the group to give details of the bank account numbers which are to be defreezed.

Granting bail to the Sahara chief SC said, "the bail has been accepted as (we) cannot keep Roy in jail indefinitely".

Sahara group yesterday came out with a new proposal for refunding Rs 20,000 crore of investors money before the Supreme Court.

The company had proposed to pay Rs 20,000 crore of the investors money within one year instead of 18months.

Sahara Group had assured the SC that it will pay Rs 2,500 crore within 3-4 working days and will pay three instalments of Rs 3,500 cr each at the end of June, Sept and Dec, rest of the money by Mar 31, 2015.

Roy was sent to jail on March 4 by the top court in connection with contempt proceedings over two group companies' failure to pay Rs 20,000 crore by way of dues to market regulator Sebi.

With agency inputs