Sahara Group chief Subrata Roy gets conditional relief, but no release on bail or parole

Jul 22 2014, 16:52 IST
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We will allow you to hold negotiations with the clients outside jail between 10 AM to 4 PM under police custody: SC to Subrata Roy. (PTI) We will allow you to hold negotiations with the clients outside jail between 10 AM to 4 PM under police custody: SC to Subrata Roy. (PTI)
SummarySahara Group's Subrata Roy gets SC nod to hold negotiations to sell properties 'whenever, wherever' he likes.

The Supreme Court on Tuesday dismissed yet another plea by Sahara chief Subrata Roy to release him from jail in a case relating to the group's failure to refund investors' money.

A bench led by Justice T S Thakur refuses to relax the bail condition asking the group to first deposit Rs 10,000 crore with the SEBI to secure release of Roy and two other directors.

It also junked their plea for releasing him on parole or putting them under house arrest to facilitate business negotiations to raise the money.

The bench said it did not find merit in their arguments on release and nothing substantial has changed since the last order whereby their petition on quashing the imprisonment was dismissed.

It however allowed Sahara to sell, transfer or mortgage the three hoteks in abroad so as to enable them arrange the fund.

Reacting to the verdict,  Sahara Group's  counsel Rajeev Dhavan said he was "astonished  and deeply pained" that the court had decided not to grant any relief to Roy although they have deposited more than Rs 3,000 crore in the last three months.

The bench however told him that the court had already passed the order in its wisdom and it would rather facilitate to ensure the bail conditions are met.

Subrata Roy and the directors are in jail since March 4 over their failure to deposit the money with the SEBI for refund to investors.

HIGHLIGHTS

* Supreme Court refuses to release Sahara Chief Subrata Roy on bail or parole.

* SC allows Sahara to sell or mortgage its hotels in New York and London.

* We will allow you to hold negotiations to sell properties in police custody whenever and wherever you like: SC

* We will allow you to hold negotiations with the clients outside jail between 10 AM to 4 PM under police custody: SC to Subrata Roy.

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