Sahara makes fresh proposal for Subrata's release

  • HT Correspondent, Hindustan Times, New Delhi
  • Updated: Apr 18, 2014 14:51 IST

The Sahara Group has presented yet another proposal to the Supreme Court with a request to modify the bail conditions imposed by it for the release of its chief Subrata Roy.

On Thursday, a day after the bench of justice KS Radhakrishnan and justice JS Kehar said it was willing to consider the company's plea to defreeze bank accounts and permit it to sell properties to raise Rs. 10,000 crore, the company proposed to pay Rs. 2,500 crore within three working days of lifting the restriction.

In addition, it said Roy should also be released.

The balance of Rs. 7,500 crore, of which Rs. 5,000 crore has to be in the form of bank guarantee, would be paid within the next 90 days, Sahara said.

The court said it would consider the proposal on April 21, adding: "Improve the proposal if you want to."

Sahara even submitted the details of bank accounts to be defreezed and a list of properties that can be sold immediately to raise money.

SC has already granted conditional bail to Roy, asking him to pay Rs. 5,000 crore in cash and another Rs. 5000 crore in bank guarantee.

But Sahara Group has expressed its inability to pay the amount and sought modifications of the bail conditions.

Bank accounts of the company were frozen last year and the SC had restrained sale of any property without its approval.

Sahara has said raising money had become difficult with Roy and two senior company directors in jail.

SC sent Roy to Tihar on March 4 after he failed to appear at a contempt hearing in a long-running legal battle between the group and securities regulator Sebi, which has accused Sahara and its chief of violating the court order directing the company to refund around Rs. 20,000 crore to its investors.

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