Sahara proposes to pay Rs 2,500 cr in 3 days for Roys release

Written by fe Bureau | New Delhi | Updated: Apr 18 2014, 10:24am hrs
The Sahara Group on Thursday made a fresh proposal to pay R2,500 crore within three working days and another R2,500 crore, along with R5,000 crore, either in cash or in bank guarantees, within 60 days of release of its chief Subrata Roy.

The SC bench comprising Justices KS Radhakrishnan and JS Khehar said it would consider the proposal on Monday, adding, if you want to improve the proposal, do it.

Last week, the court had turned down a request by the group to release Roy from jail and keep him in house or office arrest to facilitate collection of money. The bench had then clarified that the trio were not under arrest. "They are only in our custody in Tihar jail," it said.

Lawyers representing the group had argued that it was looking for international buyers to sell its properties to raise the money towards refund of investors. Which international buyer would want to visit a place like Tihar jail to negotiate a deal with Roy the Sahara Group counsel had told the court.

Earlier, the group had withdrawn its proposal to pay Rs 2,500 crore up front and the same amount within 21 days of Roy's release. The Sahara chief was arrested on February 28 and is in Tihar Jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between the group and Sebi.