March 26, 2014 2:57 PM

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SC grants conditional bail to Subrata Roy; Group to submit Rs 10,000cr to SEBI

The Supreme Court today granted conditional bail to Sahara Group Chief Subrata Roy. Sahara group has to submit Rs. 10,000 crore to Sebi out of which Rs. 5,000 crore has to be in cash and the rest in bank guarantee.The court has also agreed to de-freeze bank accounts of Sahara companies to raise the money. The case was adjourned for tomorrow with the apex court asking the group to give details of the bank account numbers which are to be defreezed.Sahara lawyers had yesterday appealed to the Supreme court to release the group's chief Subrata Roy and two other directors on bail. Subrata Roy along with two other directors was sent to jail on March 4 after he failed to convince judges about repaying nearly Rs. 20,000 crore for two Sahara bond schemes that were declared illegal in 2012.Sebi had brought contempt proceedings against Mr Roy and Sahara for failure to comply with the 2012 Supreme Court order to repay crores.

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