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Sahara seeks contributions from employees to secure bail for Subrata Roy

Mar 28, 2014 03:47 PM IST Business Business

New Delhi: Sahara has turned to its employees to help get chief Subrata Roy out of jail. In a letter to all its employees on Friday, Sahara sought a minimum contribution of Rs 1 lakh per head in order to pay Roy's bail bond of Rs 10,000 crore.

The employees will be given shares in the Sahara e-Multipurpose Society Ltd. Sahara said it aims to collect Rs 5,000 crore from the employees.

Roy was jailed for contempt for not appearing before the Supreme Court despite repeated summons. Earlier this week, the apex court said Roy could get bail if he paid an amount of Rs 10,000 crore.

The Sahara Group reportedly owes Rs 24,000 crore to investors. According to Sebi, the money was raised illegally in violation of norms. Sebi had asked Sahara to refund its investors. Sahara, however, stayed defiant and approached the court. The apex court, however, upheld the Sebi order asking Sahara to repay its investors and asked Subrata Roy to be present before court. Roy, however, continued to evade the law.

He was arrested in Lucknow and then sent to jail by the Supreme Court.