Sahara Group has submitted before the Supreme Court today that it is difficult to raise money while its chief Subrata Roy is in jail. Sahara counsel Ram Jethmalani told the apex court that no international buyer would like to visit the jail to negotiate a deal.On Monday, Sahara group had withdrawn its proposal from the Supreme Court in which it had assured to pay 2,500 crore rupees immediately and remaining 2,500 crore in cash in three weeks for getting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 returning 20,000 crore rupees of investors money with SEBI.
News On AIR | April 9, 2014 1:03 PM
Difficult to raise money while Chief in jail: Sahara Group to SC