Zee Media Bureau
New Delhi: Sahara Group chief Subrata Roy will remain in jail as the Supreme Court on Thursday adjourned hearing on his bail plea till April 03.
Roy's legal counsel has said that no process was followed in sending him to judicial custody. He added that judicial custody violates constitutional process.
He said that Sahara is not in a position to pay Rs 10,000 crore and it is unusual to ask a person to pay Rs 10,000 crore to get bail.
Sahara has however apologised to SC for issuing advertisements in newspaper.
The company had yesterday pleaded with the court to defreeze the bank accounts to raise the money which was accepted by the bench.
Sahara group will have to pay Rs 10,000 crore to get interim bail for its Chief Subrata Roy and firm's two directors, who are behind the bars since March four, the Supreme Court yesterday ordered.
A bench of justices K S Radhakrishnan and J S Khehar said that interim bail will be granted only after the company fulfils the condition while the court agreed to defreeze the firms' bank accounts to raise the money.
"We are inclined to grant interim bail to the contemnors (Roy and two Directors) who are detained by virtue of our order dated March 4 on the condition that they would pay the amount of Rs.10,000 crores--out of which Rs.5,000 crores to be deposited before this court and for the balance a guarantee of a nationalized bank be furnished in favour of SEBI to be deposited before this Court.
"On compliance, the contemnors be released forthwith and the amount deposited be released to SEBI," the bench said.
Along with the Group's other two Directors Ravi Shankar Dubey and Ashok Roy Choudhary, 65-year-old Roy has 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.
The bench, however, said that it agreed to grant interim bail only to facilitate Roy to raise the money which is to be deposited with SEBI.
"We make it clear that this order is passed in order to facilitate the contemnors to further raise the balance amount so as to comply with the Court's orders mentioned above," it said.
With PTI Inputs
First Published: Thursday, March 27, 2014, 08:55