The Supreme Court on Friday made it clear Sahara Chief Subrata
Roy has to furnish Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee
to obtain bail. It also directed Mr.Roy to submit his passport to the court
after his release on bail to ensure he remains in the country.
The Apex Court states Sahara has to pay Rs 36,000 crore it owes to SEBI in 18
months and 9 installments from the date of release of Subrata Roy. In case of
two defaults, SEBI can encash the bank guarantee furnished by the Sahara Group.
If the Sahara Group fails to make payments as per the directions of Supreme
Court, Subrata Roy's bail period will be cut-short and he has to be surrender
again.
Subrata Roy was arrested in March 2014 after Sahara Group failed to abide by
the court order to refund money it raised by selling illegal bonds to millions
of small investors. The fresh order from Supreme Court only indicates Mr.Roy
will not be walking out of prison anytime soon.
No comments:
Post a Comment