Sahara has no cash for Roy's bail
Posted on Apr 03 2014 | IBNS
New Delhi, Apr 3 : The Sahara Group on Thursday told the Supreme Court that they cannot deposit Rs 10,000 crore immediately for its chief Subrata Roy release from Tihar Jail.
The company said it could raise only Rs 2,500 crore for Roy's bail as of now.
The Sahara Group's lawyer said the company will pay the rest of the money within three weeks after Roy release.
However, the apex court rejected the proposal.
Even after the Supreme Court granted him conditional bail, Roy will continue to remain behind bars till Rs 10,000 crore is deposited.
The Supreme Court on Mar 26 granted conditional bail to Roy and ordered him to deposit Rs 10,000 crore with market regulator Securities and Exchange Board of India (SEBI) for his interim release.
The apex court said Roy has to deposit Rs 5,000 crore in cash, and another Rs 5,000 crore through a bank guarantee.