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Want Bail? Then, Pay Rs 10,000 crore: Supreme Court
By: Tupaki Desk | 19 Jun 2015 7:02 AM GMT
The Supreme Court on Friday made it clear Sahara Chief Subrata Roy has to furnish Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee to obtain bail. It also directed Mr.Roy to submit his passport to the court after his release on bail to ensure he remains in the country.
The Apex Court states Sahara has to pay Rs 36,000 crore it owes to SEBI in 18 months and 9 installments from the date of release of Subrata Roy. In case of two defaults, SEBI can encash the bank guarantee furnished by the Sahara Group. If the Sahara Group fails to make payments as per the directions of Supreme Court, Subrata Roy's bail period will be cut-short and he has to be surrender again.
Subrata Roy was arrested in March 2014 after Sahara Group failed to abide by the court order to refund money it raised by selling illegal bonds to millions of small investors. The fresh order from Supreme Court only indicates Mr.Roy will not be walking out of prison anytime soon.
The Apex Court states Sahara has to pay Rs 36,000 crore it owes to SEBI in 18 months and 9 installments from the date of release of Subrata Roy. In case of two defaults, SEBI can encash the bank guarantee furnished by the Sahara Group. If the Sahara Group fails to make payments as per the directions of Supreme Court, Subrata Roy's bail period will be cut-short and he has to be surrender again.
Subrata Roy was arrested in March 2014 after Sahara Group failed to abide by the court order to refund money it raised by selling illegal bonds to millions of small investors. The fresh order from Supreme Court only indicates Mr.Roy will not be walking out of prison anytime soon.
