Parole rejected for Roy- Instead use Skype for conversation with buyers: SC
On Friday the Capital markets regulator Securities and Exchange Board of India (SEBI) suggested a tech savvy way for the debt laden Sahara Chief. This measure will help to raise money for his own bail. SEBI suggested that the Sahara Chief Subrata Roy should be allowed to step out of Tihar jail for a few hours every day to negotiate the sale of his foreign properties over video conference over Skype. This might enable him to get the remaining sum required for his bail.
The bench led by judge T S Thakur enquired if there was a video conferencing facility at the jail, but did not pass any directions. Roy has been locked up in the capital’s Tihar jail since March for non-compliance of the court’s orders to refund Rs 37,000 crore to Sebi.
If the group deposits Rs 5,000 crore in cash and an equal amount in bank guarantee then the court may grant an interim bail. The group has so far sold off one property in Ahmedabad and paid Sebi around Rs 3,100 crore.
Rajeev Dhavan moved a fresh plea seeking a 40-day parole for Roy in order to allow him to sell his foreign properties in New York and London to raise this money. Sebi counsel Arvind Datar suggested that Roy may use internet to conduct such talks with the prospective buyers.
Source- Business Standard
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