New Delhi: The Sahara group has made a new proposal to the Supreme Court in the investors' payment case. It has now proposed to deposit Rs 3,000 crore within three days of its chief Subrata Roy's release.
Sahara has also said that it will pay an additional Rs 3,000 crore by May 30 and the bank guarantee of Rs 5,000 crore by June 20. The apex court has reserved its order.
The SC had earlier said that Roy can only get interim bail if they furnish Rs 5,000 crore bank guarantee and Rs 5,000 crore with SEBI.
Roy has been in Tihar Jail since March 4.
Sahara had turned to its employees to help get Roy out of jail. In a letter to all its employees, Sahara had sought a minimum contribution of Rs 1 lakh per head in order to pay Roy's bail bond of Rs 10,000 crore.
Roy was jailed for contempt for not appearing before the Supreme Court despite repeated summons.
The Sahara Group reportedly owes Rs 24,000 crore to investors. According to Sebi, the money was raised illegally in violation of norms. Sebi had asked Sahara to refund its investors. Sahara, however, stayed defiant and approached the court. The apex court, however, upheld the Sebi order asking Sahara to repay its investors and asked Subrata Roy to be present before court. Roy, however, continued to evade the law.
He was arrested in Lucknow and then sent to jail by the Supreme Court.
Comments
0 comment