Sahara to seek indefinite bail for Subrata Roy from SC today
The Sahara Group is likely to request the Supreme Court on Monday to indefinitely extend the bail granted to its owner Subrata Roy and director Ashok Choudhary.india Updated: Jul 11, 2016 11:49 IST
The Sahara Group is likely to request the Supreme Court on Monday to indefinitely extend the bail granted to its owner Subrata Roy and director Ashok Choudhary.
It also sought bail for another incarcerated director RS Dubey.
Roy was sent behind bars on March 4, 2014, after his company failed to comply with a court order to refund thousands of crores to investors in a bond programme that was ruled illegal. The SC set an unprecedented bail amount of Rs 10,000 crore.
The high-profile business leader was released on parole on May 6 after spending over two years in Tihar jail for four weeks to attend rituals following the death of his mother. On May 11, the bench extended his parole to enable him to pay Rs 200 crore.
The company has deposited Rs 200 crore as per the top court’s order.
“In compliance of the May 11 order, the applicants are depositing Rs 200 crore, despite Sebi’s non-cooperation, which establishes their bona fide. In addition, efforts are being made to further arrange approximately Rs 300 crore in respect of which directions are being sought from the court,” the application that was filed on Friday read.
The application will come up before a bench headed by Chief Justice TS Thakur.
Sahara has said since the top court’s order freezing the group’s bank accounts has “crippled and completely paralysed” their business if the embargo was not lifted it will have a “fatal impact on the group companies.”
It said it has already provided Securities and Exchange Board of India (Sebi) with over Rs 14,000 crore, including interest-earning on fixed deposits. “Also, Sebi is holding original documents of landed property worth Rs 20,000 crore,” it said.
The group said it was also making efforts to “explore the sale of Sahara’s interests in Grosvenor House Hotel (London), Plaza Hotel (New York) and Dream Downtown Hotel (New York) to Qatar Investment Authority (QIA)”, which is Qatar’s sovereign wealth fund.