Supreme Court today declined Sahara group's plea to keep its chief Subrata Roy under house arrest. Sahara counsel had submitted before the apex court today that it is difficult to raise money while Subrata Roy is in jail and that no international buyer would like to visit the jail to negotiate a deal and had pleaded that Mr Roy be kept under house arrest instead of jail.On Monday, Sahara group had withdrawn its proposal from the Supreme Court in which it had assured to pay 2,500 crore rupees immediately and remaining 2,500 crore in cash in three weeks for getting bail for its chief Subrata Roy and two directors. The Group had made the proposal on April 3 when it expressed its inability before the apex court to immediately pay 10,000 crore rupees for securing the bail. The apex court had earlier imposed a condition that Subrata Roy will be freed on bail only if he pays 10,000 crore rupees out of which 5,000 crore rupees had to be in bank guarantee and rest in cash. Mr Roy is in jail since March 4 for not abiding by the apex court's order for depositing 20,000 crore rupees of investors money with SEBI.
News On AIR | April 9, 2014 2:03 PM
Apex court declines Sahara's plea to put Subrata Roy under house arrest