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Impossible to pay Rs 10,000 cr for bail to Subrata Roy: Sahara to SC

Mar 27, 2014 04:35 PM IST Business Business
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New Delhi: The Sahara Group on Thursday told the Supreme Court that it was "virtually impossible" to meet with its demand of Rs 10,000 crore in order to grant bail to the company's chief Subrata Roy.

The court has adjourned hearing till April 3. Till then, Roy will stay in jail.

Sahara's lawyer told the court that it was "highly unusual" to ask a person to pay Rs 10,000 crore to get bail.

Roy and two Sahara directors are in jail for contempt after they failed to appear before the apex court despite repeated summons in connection with a investors' funds case. Sahara group owes more than Rs 20,000 crores to its investors.

Roy has sought bail on the grounds that his detention order was illegal.

The Sahara Group had on Tuesday made a fresh proposal to the Supreme Court saying that it will repay the entire amount it owes to its investors in five instalments by March 31, 2015.

The company had said that it will pay Rs 2500 crore within three working days after the proposal is accepted by the court.

Sahara had also prayed to the court that it should permit the companies to allow operation of their bank accounts.