Release for 40 Days for Subrata Roy- may not happen in the near future
Sahara group had pleaded the Supreme Court (SC) to release its founder Subrata Roy for at least 40 days to help the group sell assets to raise Rs.10,000 crore. However the Supreme Court on Friday reserved its order and it seems now Roy might have to spend more time in the jail as this money was supposed to pay his own bail.
The permission to allow the sale of three international properties in New York and London owned by the Sahara group will also be decided by a bench of justices T.S. Thakur, Anil R. Dave and A.K. Sikri.
Lawyer Rajeev Dhavan who is representing the debt laden Sahara Group chief requested the SC to allow parole for Roy as he is the chairman of these three overseas properties. For this, the Sahara Group sought the modification of the apex court’s orders of 4 March and 26 March, which sent Roy and two directors to judicial custody. This modification clearly mentioned that there will be an undertaking to surrender before the court on 1 September if the bail payment wasn’t made.
On 26 March, the Supreme Court had set bail at Rs.10, 000 crore—half in cash and the remaining in the form of a bank guarantee. After speculating the assets of the group, the company’s finance department had suggested the sale of the overseas properties to raise that amount. However the SC wants the company to first sell the properties owned by the group in India and then look at the foreign properties.
Source- Mint
Court order on Sahara Group case, Hearing of Sahara Group Petition, Sahara Group, Sahara group firms, Supreme Court had set bail at Rs.10 000 crore
