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SC to resume hearing on Subrata Roy's bail plea today

Last Updated: Thursday, April 17, 2014 - 08:55

Zee Media Bureau

New Delhi: The Supreme Court will resume hearing on Sahara Group chief Subrata Roy's bail plea on Thursday.

Senior advocate Rajiv Dhavan,appearing for the Group, yesterday said that raising money has become a difficult proposition as the chief of the Group, Subrata Roy and two senior officials are in jail.

"People sitting in jail under the court's order cannot do business," Dhavan said and added that "in order to make things workable there must be variation in order."

The company also offered to keep Roy under house arrest once again till the bail money is paid. However the court did not respond to the plea and said the hearing will resume on Thursday.

The company will inform the Supreme Court of its bank account numbers today so that they can be defrozen.

The apex court while hearing the case yesterday said that it was "willing" to defreeze the bank accounts of Sahara and allow the group to sell properties to raise Rs 10,000 crore for getting bail to Subrata Roy and sought details in this regard.

"We are willing to pass an order. You (Sahara) tell us you want to raise money. Tell us about the property and bank accounts. You have not given us so far," a bench comprising justices K S Radhakrishnan and J S Khehar said.

The bench, which had last year frozen all bank accounts of companies and restrain them from selling any properties without its approval

Earlier on April 9, the apex court had rejected Roy's plea plea that he be put under house arrest to enable him negotiate deals for arranging money to repay investors.

He also said Sahara was trying to strike a deal with international buyers and the problem is that it would be difficult to do so when he is in jail.

The apex court had earlier 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 and rest Rs 5,000 crore in cash.

However, Sahara Group, on April 3, had expressed its inability in immediately paying Rs 10,000 crore for securing bail for Roy and its two directors Ravi Shankar Dubey and Ashok Roy Choudhary, who are in jail since March 4.

65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying Rs 20,000 crore of investors' money with SEBI was "illegal and unconstitutional" and sought quashing of the order.

With PTI Inputs

First Published: Thursday, April 17, 2014 - 08:27
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