Subrata Roy makes fresh offer for his release

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SME Times News Bureau | 18 Apr, 2014
Sahara Group chief Subrata Roy Thursday made an another fresh offer to comply with Supreme Court's direction to deposit Rs.10,000 crore as a part payment of the investors' Rs.24,000 crore as a condition for his release from judicial custody.

Roy, in a fresh proposal, said that Rs.2,500 crore will be paid within three working days and a the balance of Rs.2,500 crore and the bank guarantee of Rs.5,000 crore will be given in next 60 days.

The proposal involves the prior release of Roy and lifting of freeze on the accounts of SIRECL and SHICL and others including on their assets.

The court said that it would consider the proposal on Monday as senior counsel Rajiv Dhawan made the fresh proposal at the end of the Thursday's hearing of the Sahara chief's plea challenging March 4 order sending him and two other directors of SIRECL and SHICL to custody.

The court by its Aug 31, 2012 and subsequently Dec 5, 2012, order had asked Sahara Group's two companies SIRECL and SHICL to return investors Rs.24,000 crores by routing it through market regulator SEBI. Sahara deposited Rs.5,120 crore with the market regulator and balance of Rs. 19,000 crore is still outstanding.

The apex court had March 26 asked Roy to deposit Rs.10,000 crore with the court's registry for his release on interim bail from judicial custody.

The court had said that of the Rs.10,000 crore, Rs.5,000 crore would be deposited with the court, and for the balance of Rs.5,000 crore, Sahara will furnish a bank guarantee of a nationalised bank favouring the market regulator.

The court had said that this money would be deposited with its registry which in turn would be routed to SEBI.

Hearing will continue Monday.