New Delhi, Jun 4 UNI | 2 months ago

Sahara Group chief Subrata Roy will be released from jail only after he deposits Rs 10,000 crore with the SEBI to refund investors, the Supreme Court ruled.

Justices T S Thakur and A K Sikri dismissed Roy's petition for keeping him under house arrest and referred the case to a three-judge bench for further hearing.

The bench appointed senior counsel Fali S Nariman as amicus curiae in the case.

The top court also defreezed the bank account of Sahara Group. and relaxed the condition of giving bank guarantee.

It directed that Sahara can provide a bank guarantee for Rs 5,000 crore either by a nationalised bank or by a scheduled bank.

The top court permitted the Sahara Group to sell Roy's properties and also allowed him to encash FDRs to arrange Rs 10,000 crore.

Roy and two other directors of the Group are in Tihar jail since March 4.

Roy was imprisoned for not depositing Rs 20,000 crore to be refunded to investors in two real estate companies floated by the Sahara group.

(Posted on 05-06-2014)