Subrata Roy withdraws proposal to modify bail terms
Subrata Roy has been in Delhi’s Tihar Jail since March 4, has withdrawn proposal for modifying his bail conditions. Sahara had earlier last week, expressed its inability to pay Rs. 5,000 upfront for bail but proposed to pay Rs. 2,500 upfront and Rs. 2,500 three weeks after Subrata’s release.
On March 26, the Supreme Court had agreed to release Subrata from custody after Rs. 10,000 is deposited in cash and bank guarantees (Rs. 5,000 each). The group’s lawyers have sought relaxation on the conditions of bail.
Subrata and his two directors have been in jail since March 4 for not following Supreme Court‘s order to submit Rs. 19,000 crore of investors money with SEBI.
Source: The Financial Express
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