Deposit Rs 5 crore within four weeks to get interim bail: SC tells Sanjay Chandra

New Delhi: The Supreme Court on Friday asked Unitech promoter Sanjay Chandra to deposit Rs 5 crore with SC registry within four weeks, only then he would be released on Interim bail.

Last month, Chandra's lawyer Abhimanyu Bhandari urged the court that he needed to be released from judicial custody to raise the funds.

"If I am left in judicial custody, the entire company will collapse. I need to be out of the jail to arrange for the money, which I will do by selling my assets," the counsel said.

"If I fail to meet the demands, punish me. But give me three months to complete the demand," Chandra told the bench.

Telling the court that 62 out of 152 investors who had gone to police with complaint have already been paid, Bhandari said that the principal amount yet to be paid is about Rs 35 crore.

Chandra and his brother Ajay were arrested in April this year after investors who did not get their flats as promised filed complaints of cheating against them.

Chandra and his brother Ajay were sent to judicial custody last week after the trial court refused to extend three months interim bail granted to them in April. Delhi High Court too refused to extend the interim bail that came to an end on August 10.

With Agency Inputs