Sahara Group on Thursday requested the Supreme Court to modify bail conditions to enable its chief Subrata Roy and two directors come out of jail, expressing its inability to comply with it.
Security officials escort Sahara group chairman Subrata Roy (C) on his arrival at the Supreme Court in New Delhi on March 4, 2014. (AFP Photo)
The company repeated its helplessness to arrange `5,000 crore cash until Roy was in jail. The three have been in Tihar since March 4.
A bench of Justice KS Radhakrishnan and Justice JS Kehar, however, did not entertain the request in the absence of a written application. “You move the court as per the rules and then we will consider it,” the court told the counsel. The court fixed April 9 to take up their application alongwith Roy’s petition against its earlier order sending him to jail.
It even clarified its order sending Roy to jail and direction to deposit `10,000 crore for his release was only an effort to enforce compliance of its order to refund `20,000 crore to investors and not a bail bond.
“It is only for enforcement of our order to ensure that at least 50 per cent of the principal amount is paid,” the bench added, clearing the misunderstanding that Roy was sent for contempt. “We have imposed the condition primarily for him to show the bonafide of making the payment,” it said.
“We will deal with the punishment (Contempt) after the order is complied with. Therefore when a suggestion is made that `10,000 cr is a bail bond it is not correct. It is a part payment, towards the principal amount. This is to establish your bonafide to be released,” it said.