Sahara submits fresh proposal for Subrata Roy’s release

Mangalore Today News Network

New Delhi, Apr 3, 2014: Sahara Group on Wednesday has expressed its inability before Supreme Court to immediately deposit Rs. 10,000 crore for securing bail for its chief Subrata Roy who has been held in jail for nearly a month now.

In a fresh proposal, Sahara says it is ready to pay Rs. 2500 crore immediately and can pay further Rs. 2500 crore 21 days after Mr Roy’s release.

The Supreme Court had earlier agreed to release Mr Roy from custody if the group deposited Rs. 5000 crore in cash with the securities regulator as well as provide bank guarantees for another Rs. 5000 crore.

Sahara Chairman Subrata Roy was arrested on February 28 and has been held in a Delhi’s Tihar Jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between the group and the securities regulator over to refund to millions of depositors.

The top court asked Sahara not to hand over its fresh proposal across to file and instead file it. Supreme Court is hearing arguments on Mr Roy’s plea that court order sending him to jail is illegal.

Different proposals offered by Sahara since Mr Roy’s arrest to refund investors in instalments have been turned down as inadequate by the Supreme Court.