1. Subrata Roy’s Sahara Group offers to pay Rs 300 cr towards bank guarantee

Subrata Roy’s Sahara Group offers to pay Rs 300 cr towards bank guarantee

Sahara chief Subrata Roy on Friday told the Supreme Court that he is ready to pay an additional R300 crore, but the same should be adjusted towards the bank guarantee.

By: | New Delhi | Published: August 27, 2016 6:15 AM
Flipkart, Snapdeal, Alibaba, ecommerce, jet airways, arun jaitley, standup india, subrata roy, sahara group, air india, agartala railway line, kaya, tobacco warning, tobacco products pictorial warning, arvind panagariya, indian economy, business news, top 10 business news A bench headed by Chief Justice T S Thakur directed that the matter be listed next week after senior advocate Kapil Sibal, appearing for Roy, offered the amount and sought early hearing. (Express Photo)

Sahara chief Subrata Roy on Friday told the Supreme Court that he is ready to pay an additional R300 crore, but the same should be adjusted towards the bank guarantee.

A bench headed by Chief Justice T S Thakur directed that the matter be listed next week after senior advocate Kapil Sibal, appearing for Roy, offered the amount and sought early hearing.

On August 3, the SC had extended his parole till September 16 on a condition that he will deposit R300 crore with Sebi.

The apex court had ordered the release of Roy on parole on May 6 for performing the last rites of his mother, and since then, he has been getting extension by promising to return specified amounts.

The court had also allowed Roy to dispose of any of his properties, provided the sale price was not less than 90% of the market value and the money is deposited with Sebi.

In an effort to convince the court about Sahara’s seriousness to repay the full amount, Sibal had earlier told that bench that Roy would repay the entire amount in 18 months as many of the properties, including three luxury hotels in London and New York, were likely to be sold soon.

“We have already deposited R13,000 crore with Sebi so far. We will deposit R5,000-crore bank guarantee by December (2016),” he had said, adding that business has picked up after Roy’s release and the group is in negotiations with Canara Bank for a R5,000-crore bank guarantee, required to secure Roy’s bail.

  1. No Comments.

Go to Top