Subrata Roy takes back request to modify bail terms

Written by fe Bureau | New Delhi | Updated: Apr 8 2014, 04:43am hrs
Sahara chief Subrata Roy, who is in Delhi's Tihar Jail since March 4, has withdrawn the proposal he had submitted on April 3 for modifying his bail conditions.

Urging the court for some affordable terms, Sahara had last week expressed its inability to pay R5,000 crore upfront for its chiefs bail and instead proposed to pay the amount in instalments. Sahara had proposed the Supreme Court that it would pay R2,500 crore immediately and another R2,500 crore within three weeks after Roy's release.

The apex court had on March 26 agreed to release Roy from custody, but only after the group deposited R10,000 crore in cash and bank guarantees. It had ordered Sahara to deposit R5,000 crore in cash with the securities regulator as well as provide bank guarantees for another R5,000 crore.

Sahara chiefs lawyers have written to Supreme Court, withdrawing the fresh proposal seeking relaxing bail conditions. This was the third proposal submitted by Sahara in a month after Roy's arrest.

Since Supreme Court is due to hear Roy's petition against his detention, sources said that the group would wait for the outcome of April 9 hearing before moving a fresh bail application.

Roy and the other two directors of the Group have been in judicial custody since March 4 for not abiding by the apex courts order for depositing R19,000 crore of investors money with the Sebi.

Roy, 65, had earlier submitted that the apex courts order for detaining him was illegal and unconstitutional and sought quashing of the order.