New Delhi : Sahara Group chairman Subrata Roy (65) on Thursday declined to bite the bullet and told the court that the interim bail of Rs 10,000 crores set by the Supreme Court was too steep. More so, since Rs 5,000 crore in cash has to be deposited overnight and the rest through a bank guarantee.The Supreme Court rejected his plea to reduce the amount and sent him to jail until the next hearing on April 3.
He and the two directors of his two companies will thus languish in Tihar Jail for one full month since their incarnation on March 4.
The Bench of justices K S Radhakrishnan and J S Khehar was ready to defreeze his companies’ accounts to facilitate the withdrawal of specific accounts. The Bench had also sent a notice to SEBI to respond to Sahara’s offer to pay Rs 20,000 crores in installments by March next year.
On Wednesday, the Bench had agreed to grant Roy conditional interim bail to facilitate the raising of money which he has to deposit with the SEBI for payment to the investors.
Sahara’s lawyers have pleaded that Roy can raise money to repay the investors only if he were not in jail. They even asserted that his detention in jail was illegal and can be challenged on grounds of violation of fundamental rights.
Roy was arrested from his residence in Lucknow on February 28 after failing to appear in the Supreme Court in a contempt hearing in a long-running legal battle between the group and the SEBI. He is in Tihar Jail since March 4.
SEBI had brought contempt proceedings against Roy and Sahara for failure to comply with the 2012 Supreme Court order to repay money of the investors.
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