Zee Media Bureau
New Delhi: After more than a year at the Tihar Jail, beleaguered Sahara group founder Subrata Roy could walk out of jail this week after the company informed that Supreme Court that it was ready with a bank guarantee of Rs 5000 crore for the sumpremo's bail.
Last week on Friday, the company said it was ready to comply with the apex court's order of paying Rs 10,000 crore for Roy's bail including a bank guarantee of Rs 5000 crore.
"We will accept the bank guarantees but we would also like to address the issue of balance amount that has to be paid," a bench comprising Justices T S Thakur, A R Dave and A K Sikri had said.
On March 26, 2014, the SC had asked 65-year-old Roy, who has been in Tihar Jail since March 4, 2014, to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore should be paid in cash and rest in bank guarantees.
SEBI accepted the draft of bank guarantees which the Sahara group has to furnish which was also approved by the apex court in on Friday's hearing.
Senior advocate Kapil Sibal, representing the group, asked the bench as well as SEBI and senior advocate Shekhar Naphade, who is assisting the court as amicus curiae, in the matter to accept the draft of the bank guarantees which would be from a scheduled bank.
Sibal did not disclose the name of the bank but assured that it was not any of the cooperative banks.
He said negotiations were underway for selling Sahara Group's offshore properties for raising sufficient fund.
The bench accepted Sibal's plea to consider Sahara's application in which it sought permission to utilise balance of assets for meeting out its other liabilities after complying with the order to pay Rs 10,000 crore for getting Roy out of the jail.
The bench said the application and other issues will taken for consideration on May 14.
With PTI Inputs
