Sahara chief Subrata Roy could be free |
Beleaguered Sahara group founder Subrata Roy may be released from jail soon, having spent more than a year in custody. Sahara has reportedly informed the Supreme Court on May 8 that it was ready with a Rs 5,000 crores bank guarantee as part of a Rs 10,000-crore bail amount fixed by the top court for Roy`s release. The high-profile business leader was jailed after his company failed to comply with a court order to refund more than Rs. 20,000 crores to investors. Counsel for Sahara, Kapil Sibal, said the guarantee would be handed over to market regulator SEBI by May 13. The Lucknow-based financial services group, which also has interests in media, real estate, hospitality and entertainment, says it has already paid Rs 3,200 crores of the Rs 5,000 crores in cash and is making efforts to pay the remaining amount by selling its properties. The Supreme Court bench of Justices T S Thakur, Anil R Dave and A K Sikri said they would consider the plea on the next date of hearing on the issue of the total liability of the conglomerate. While SEBI says a total principal amount of Rs 24,000 crore is to be paid, Sahara has argued that it has already refunded 95% of the money owed to investors.
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