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Rediff.com  » Business » Can't pay Rs 10,000 crore for Roy's bail: Sahara

Can't pay Rs 10,000 crore for Roy's bail: Sahara

Last updated on: April 03, 2014 15:04 IST

Can't pay Rs 10,000 crore for Roy's bail: Sahara

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Sahara Group on Thursday expressed its inability before the Supreme Court to immediately pay Rs 10,000 crore (Rs 100 billion) for securing bail of its chief Subrata Roy and its two directors.

The three have been in jail since March 4.

The group told a bench of justices K S Radhakrishnan and J S Khehar that it can pay Rs 2,500 crore (Rs 25 billion) immediately and rest Rs 2,500 crore (Rs 25 billion) in cash within three weeks after release of Roy and 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 (Rs 50 billion) has to be in bank guarantee and rest in cash.

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Image: Sahara Chief Subrata Roy.
Photographs: Reuters

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Can't pay Rs 10,000 crore for Roy's bail: Sahara

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The court, however, asked Sahara to file its proposal before the Registry.

The hearing will continue in post lunch session.

Roy and the two directors have been in judicial custody since March 4 for not abiding by the apex court's order of depositing Rs 20,000 crore (Rs 200 billion) of investors money with Securities and Exchange Board of India.

Sixty-five-year-old Roy had earlier submitted that the apex court's order for detaining him was illegal and unconstitutional.

He had sought quashing of the order.

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Image: Subrata Roy (R), chairman, Sahara India, with his wife Swapna Roy.
Photographs: Reuters
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A group of advocates headed by Ram Jethmalani, who had appeared for Roy and the company, had told the bench that its approach was ‘biased’ and it should not hear the petition challenging the order.

The counsel had said it was unconstitutional to send a man behind bars for not paying the money.

Jethmalani had put a condition of paying Rs 10,000 crore (Rs 100 billion) for getting Roy's interim bail.

Sebi, however, had opposed the stand taken by Roy's counsel, saying that his petition was not maintainable.

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Image: Subrata Roy.
Photographs: Reuters

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