Sahara’s counsel said the firms did not have money and in three days of Roy’s release he will raise the money. The money for the next 75 bln rupees to be deposited in 60 days will have to be borrowed

NEW DELHI : Sahara group came up with a “new” proposal for refunding debentures money to secure bail for group head Subrata Roy saying the company will undertake to deposit 25 bln rupees in three day after release of Roy and in 60 days thereafter it will give another 25 bln rupees and 50 bln rupee bank guarantee. The proposal was made by Ram Jethmalani and Dr. Rajiv Dhavan, Sr. Advocates appearing on behalf of Sahara.

The bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar though said it will consider the proposal on Monday, but added “You (Sahara) better improve it by Monday.”

Sahara counsel responds

Sahara’s counsel said the companies did not have money and in three days of Roy’s release he will raise the money. The money for the next 75 bln rupees to be deposited in 60 days will have to be borrowed, Sahara’s counsel told the court.

S. Ganesh, Senior Advocate arguing on behalf of Sahara explained the cash redemption made by Sahara. He submitted that the cash redemption is totally legal and permissible under the Companies Act.

He also submitted before the Hon’ble Court that Sahara has been diligent in informing the cash redemption and the same is also reflected in the books of accounts of Sahara which has been duly certified by the statutory auditors.

Subrata Roy had sought hearing on his custody case by a larger bench, saying there was a “reasonable apprehension” of bias against Sahara companies by the two-judge bench currently hearing the case.   -Cogencis

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