The Supreme Court has said that the money likely to be arranged by Sahara Group from overseas to raise 10,000 crore rupees for the release of its jailed chief Subrata Roy will come into the country only after necessary clearances by RBI. The court agreed that legal impediments in the transfer of money from escrow account of foreign bank agent requires special permission by competent authority under the Foreign Exchange Management Act, FEMA. A bench headed by Justice T S Thakur said, before the issue of transaction of amount from escrow account was settled, it would not like to pass any order on the issue. The bench, also comprising Justices A R Dave and A K Sikri said, it does not consider it necessary to pass any direction on transfer of proposed account which exists of third party. It said that any direction can be passed on satisfaction of SEBI and amicus curiae. The issue came after senior advocate Shekhar Naphade, who is assisting the court as an amicus curiae, submitted that the legal requirement for external commercial borrowing requires clearance under FEMA which has not been complied with by the Sahara Group. The court was hearing the issue of Sahara seeking its nod for raising loan of approx 3,600 crore rupees as a part of the scheme to overcome the liability with Bank of China which had lent money to it in purchasing stakes in three overseas hotels. The bench said certain aspects arising out of the foreign properties have to be verified, specifically the amount likely to be deposited in the SEBI-Sahara refund account. Sahara also informed the bench that the escrow account has been shifted to Bank of America. The Bench made it clear that it was not ready to consider any plea to allow Roy to walk out of the jail for some period to arranging money for his bail.