1. Will furnish Rs 10K cr for Subrata Roy’s release, Sahara tells Supreme Court

Will furnish Rs 10K cr for Subrata Roy’s release, Sahara tells Supreme Court

Sahara group chief Subrata Roy, along with two other directors, has been lodged in Tihar jail since March 4 last year over his failure to refund over Rs 24,000 crore to the depositors.

By: | New Delhi | Updated: May 9, 2015 10:23 AM
Subrata Roy Sahara

Sahara group told the Supreme Court on Friday that they were ready to fulfill by next week the court-mandated condition of furnishing Rs 10,000 crore to secure release of its chief Subrata Roy. (Reuters)

The Sahara group told the Supreme Court on Friday that they were ready to fulfill by next week the court-mandated condition of furnishing Rs 10,000 crore to secure release of its chief Subrata Roy.

It informed a bench led by Justice TS Thakur that they would come back to the court next week with a final format for furnishing the bank guarantee, as stipulated by the Court, and the Bench could then approve it.

It said that they were prepared to furnish Rs 5,000 bank guarantee and an equal amount in cash to get out of jail, Roy, who has been incarcerated since March last year.

The bench allowed their plea and fixed the matter for hearing Thursday next week when it may examine the the issue concerning the total amount payable by the group to the Sebi.

Roy, along with two other directors, has been lodged in Tihar jail since March 4 last year over his failure to refund over Rs 24,000 crore with interest to the depositors.

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