Supreme Court grants conditional bail to Subrata Roy

Supreme Court (SC) on Wednesday granted a conditional bail to Sahara group chief Subrata Roy, asking the group to deposit of Rs 5,000 crore in cash and bank guarantee for another Rs 5,000 crore with securities market regulator Securities and Exchange Board of India (SEBI).

Roy was arrested on February 28 after failing to appear at a hearing in a case related to taking deposits from the public illegally.

On March 4, the apex court had sent the head of the Sahara conglomerate to Tihar Jail as the group failed to comply with its orders to repay people who invested in the group’s two real estate firms, which was later ruled to be beyond norms by SEBI.

The court had asked for more concrete plan from the group to refund its public depositors.

SC agreed to defreeze bank accounts of Sahara companies to raise the Rs 10,000 crore. The court adjourned the case to tomorrow, asking Sahara to give details of the bank accounts that are to be defreezed.

On Monday, Sahara group had submitted a new proposal to the apex court in which it agreed to pay Rs 20,000 crore in instalments - Rs 2500 crore in three working days, three tranches of Rs 3500 crore each in June, September, December and Rs 7,000 crore by March 15 next year.

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