Zee Media Bureau
New Delhi: The Supreme Court on Friday refused to grant immediate bail to Sahara chief Subrata Roy and set terms for release. The Court set fresh terms for releasing Roy, jailed for more than a year in a long-running dispute over issuance of illegal bonds.
The apex court has said that Subrata Roy's release from jail is subject to furnishing Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee.
Sahara has to pay Rs 3,000 crore in nine installments post Roy's release. The Supreme Court has allowed Roy to use jail office for six weeks. Roy will also have to submit his passport to the court after his release on bail, the court said.
Roy and two group directors who are in jail since March 4 last year for not complying with the court's order to return investors' Rs 24,000 crore that two group companies SIRECL and SHFCL had collected in 2007-08.
A bench of Justice TS Thakur, Justice Anil R Dave and Justice AK Sikri had, on May 14, reserved its order on Roy's plea to be released from custody for six weeks coupled with the lifting of restriction to deal with his 72 properties so that he could place before court the plan for the return of investors' money.
The court had also reserved its order on the conditions that would accompany the acceptance of the bank guarantee of Rs 5,000 crore for the payment of the balance amount of the investors money, which, according to market regulator SEBI, has now swelled upto Rs 39,000 crore on account of interest liabilities.
