Sahara chief may get bail after submitting bank guarantee to Sebi
June 19, 2015 11:42
The Supreme Court on Friday said that Sahara chief Subrata Roy's release from jail is subject to furnishing Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee.
The court said Rs 36,000 crore has to be paid by Sahara to SEBI in 18 months and nine instalments from the date of release of Roy.
Rs 3,000 crore will be the first instalment and in case of two defaults, SEBI can encash the bank guarantee to be furnished by Sahara.
If there is a failure to comply with the directions of the court in making payments, Roy will have to surrender to custody.
Roy and two other jailed directors of Sahara to deposit their passport on release and shall not leave the country.
Further, Roy has to keep the Delhi police posted about his movement in the country.
The apex court also extended by eight weeks Roy's custody in Tihar jail for arranging the amount for his release.
After the pronouncement of verdict, Roy's counsel expressed difficulty in furnishing bank guarantee of Rs 5,000 crore.
Roy and two of his group directors have been in jail since March 4 last year for not complying with the court's order to return Rs 24,000 crore to investors. This money had been collected by two of his group companies.
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