Zee Media Bureau
New Delhi: Sahara group is likely to pay Rs 3,000 crore for seeking bail of the company's chairman Subrata Roy on Friday.
In its new proposal placed this Monday, Sahara group had assured the Supreme court that it will pay Rs 3,000 crore by April 25 and another Rs 2,000 crore in cash by May 30. It also submitted that they would furnish a bank guarantee of another Rs 5,000 crore on or before June 20.
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.
SC had on Monday reserved its order on Sahara Chief Subrata Roy's petition challenging its decision to send him to jail in the case relating to non- refund of more than Rs. 20,000 crore of investors money.
Roy and the other two directors of the Group have been in judicial custody since March 4 for not abiding by the apex court's order for depositing Rs 20,000 crore of investors money with SEBI.
Sahara group submitted that Roy be released forthwith to facilitate negotiations with people for the purpose of raising money to comply with the apex court's order. It also pleaded that its bank accounts be defreezed which was frozen by the court on November 21 last year.
65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying over Rs 20,000 of investors' money with SEBI was illegal and unconstitutional and sought quashing of the order.
With PTI Inputs
First Published: Friday, April 25, 2014, 10:34