Sahara withdraws bail offer

Tags: News
Sahara group has withdrawn its proposal from the Supreme Court in which it had assured to pay Rs 2,500 crore immediately and rest Rs 2,500 crore in cash in three weeks for getting bail for its chief Subrata Roy and two directors.

The Group had made the proposal on April 3 when it expressed its inability before the apex court to immediately pay Rs 10,000 crore for securing bail for Roy and its two directors who have been in jail since March 4.

It had, however, proposed to pay Rs 2,500 crore immediately and rest Rs 2,500 crore in cash within three weeks after the release of Roy and two directors, Ravi Shankar Dubey and Ashok Roy Choudhary.

The apex court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs 10,000 crore out of which Rs 5,000 crore has to be in bank guarantee and rest in cash.

Roy and the other two directors of the Group have been in judicial custody since March 4 for not abiding by the apex court's order for depositing Rs 20,000 crore of investors money with SEBI.

65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying Rs 20,000 of investors' money with SEBI was illegal and unconstitutional and sought quashing of the order.

His counsel had said it was unconstitutional to send a man behind the bars for not paying the money and also questioned the order putting a condition of paying Rs 10,000 crore for getting interim bail.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Time and tide are ripe for megaplans such as Sagarmala

    To say that India’s infrastructure is in urgent need of upgrade would be to state the obvious.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

China looks to India for balance

Almost a third of the total world population lives in ...

Zehra Naqvi

Love and its stories

People must have bread. They can live without stories. No, Hameeda, ...

Dharmendra Khandal

Tiger in urban landscape

Ranthambhore is in a no-win situation. Just a few days ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture