SAHARA BOSS’ RELEASE CASE SC demands logical proposal, firm ready to sell foreign hotels

Court has criticised Sahara for systematically flouting all its orders

New Delhi : The Supreme Court on Monday asked the Sahara Group to come out with a ‘logical’ and ‘acceptable’ proposal on paying Rs.10,000 cr for getting its chief Subrata Roy out of jail, while refusing to entertain his plea for being put under house arrest in Lucknow.

Meanwhile, the Sahara Group said that it is willing to sell hotels located in New York and London to raise Rs 10,000 crore, and nine other properties for which Subrata Roy and other arrested directors need to be released.

A new SC bench comprising justices T S Thakur and A K Sikri, constituted after J S Khehar recused himself from hearing the matter, said that stalemate won’t help anyone and asked the group to come out with a fresh proposal.

“This stalemate would not help anyone. Come out with a proposal which is logical and acceptable to us,” the bench said. Observing that the preliminary hearing has been “very productive”, the bench said the matter would be taken up next week and asked the group to prepare its proposal by then. Senior advocate Rajiv Dhawan, appearing for the group, contended that Roy has been behind the bars for the last 75 days and pleaded that he should be taken out from jail and be put under house arrest in Lucknow.

The bench, however, said that at present it is not going to pass any order.

65-year-old Roy, who has been in jail since March 4 for non-refund of over Rs.20,000 cr to depositors, was asked by the court to make a fresh proposal for paying Rs.10,000 cr to get bail.

The court had passed the order on a petition filed by Roy challenging constitutional validity of its order passed on March 4 by which he was sent to jail for not complying with its order to deposit around Rs.20,000 cr of investors money with SEBI.

The bench in a strongly-worded judgement had come down heavily on the group for ‘systematically’ frustrating and flouting all its orders with impunity on refunding investors’ money. It had said Sahara “adopted a demeanour of defiance constituting a rebellious behaviour, not amenable to the rule of law” and justified its decision to send Roy along with two promoters of two Sahara companies to jail.

65-year-old Roy, who has been in jail since March 4 for non-refund of over Rs. 20,000 crore to depositors, was asked by the court to make a fresh proposal for paying Rs. 10,000 crore to get bail.

The bench in a strongly-worded judgement had come down heavily on the Group for “systematically” frustrating and flouting all its orders with impunity on refunding investors’ money.

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