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Sahara tells SC that it can pay only Rs 2,500 crore immediately

Apr 03, 2014 11:15 AM IST Business Business

New Delhi: The Sahara Group made another proposal to the Supreme Court on Thursday, but in vain. Sahara lawyers have now told the Supreme Court that it is not possible for them to raise Rs 10,000 crore needed to get Sahara chief Subrata Roy interim bail.

The lawyers have told the court that they can only raise Rs 2,500 crore immediately and that they can deposit Rs 2,500 crore with SEBI within 21 days of Roy's release.

The court has not expressed any opinion on the proposal and asked Sahara to file the proposal in a proper way instead of giving proposals over the table. The court had earlier said that Roy can only get interim bail if they furnish Rs 5000 crore bank guarantee and Rs 5,000 crore with SEBI.

Roy has been in Tihar Jail since March 4.

Sahara had turned to its employees to help get Roy out of jail. In a letter to all its employees, Sahara had sought a minimum contribution of Rs 1 lakh per head in order to pay Roy's bail bond of Rs 10,000 crore.

Roy was jailed for contempt for not appearing before the Supreme Court despite repeated summons.

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.