By 16 April, 2014
Supreme Court offers to unfreeze Sahara bank accounts for Subrata Roy bail

The Supreme Court said on Wednesday that it can allow Sahara group to access its bank accounts if that may help the private conglomerate to pay Rs 10,000 crore to bail out its chief Subrata Roy.

Previously, Sahara’s counsels—CA Sundaram and Ram Jethmalani—had argued that the payment for bail is not possible due to frozen bank accounts.

The court had previously rejected Roy's plea to move to a house arrest in its last hearing on April 9 and asked the lawyers to file short written submissions on April 16.

The apex court had earlier asked the group to deposit 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, later ruled illegal.

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.

The court had asked for a more concrete plan from the group to refund its public depositors. After that Sahara group had submitted a new proposal to the apex court in which it agreed to pay Rs 20,000 crore in instalments—Rs 2,500 crore in three working days, three tranches of Rs 3,500 crore each in June, September, December and Rs 7,000 crore by March 15 next year.

(Edited by Joby Puthuparampil Johnson)

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