Sahara group staff offer to collect Rs 5,000 cr for Subrata Roy's release

Mar 28 2014, 19:02 IST
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Money for Subrata Roy's release has been proposed to be collected in lieu of shares in Saharayn e-Multipurpose Society Ltd. PTI Money for Subrata Roy's release has been proposed to be collected in lieu of shares in Saharayn e-Multipurpose Society Ltd. PTI
SummaryMoney for Subrata Roy's release has been proposed to be collected in lieu of shares.

In a fresh dramatic twist to the Sebi-Sahara saga, an innovative idea was today floated for collection of at least Rs 1 lakh each from Sahara employees and 'well-wishers' to garner at least Rs 5,000 crore and secure group chief Subrata Roy's release from Tihar Jail.

The money has been proposed to be collected in lieu of shares in Saharayn e-Multipurpose Society Ltd, which would be alloted to each contributing employee of the entertainment-to retail business conglomerate, which claims to have a workforce of over 11 lakh salaried and field workers.

The contribution 'appeal' was made through a one-page letter signed by directors of this Society and 'associates' of the group and asked each employee of the Sahara India Pariwar and their well-wishers to contribute Rs 1 lakh, Rs 2 lakh, Rs 3 lakh or even more as per their wish and capacity.

When contacted, a senior Sahara official clarified that the letter has not been issued by Subrata Roy or by the management and "it is only an emotional initiative from people in reaction to prevailing situation".

He said that this should not be construed as Sahara group or the management asking its workers to make any contribution.

"As Saharasri (the name by which Roy is called in the group) has build this organisation as Pariwar or family, lots of such letters are coming from through out the country. Hope this unique sentiment for the chief guardian of our Pariwar would be understood," he added.

Roy, 65, has been in Tihar jail since March 4 and the Supreme Court earlier this month proposed a conditional interim bail for him asking the group to deposit Rs 10,000 crore including Rs 5,000 crore as bank guarantee.

However, the group's lawyers informed the court yesterday that they were finding it difficult to immediately mobilise such a large amount to get Roy and two directors out on bail.

The lawyers also submitted that the apex court's order for detaining Roy for not paying Rs 20,000 crore of investors money with SEBI was illegal and unconstitutional and sought quashing of this order.

Appearing for Roy and the group, advocates also told a bench of justices K S Radhakrishnan and J S Khehar, which had passed detention order, that its approach is "biased" and it should not hear the petition challenging the order.

Sahara group, which says that it has already refunded bulk of the money due to investors in the Sebi case, claims to

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