June 4, 2014 8:54 AM

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SC verdict likely today on Sahara Roy's plea on release from jail

The Supreme Court is likely to deliver its verdict today on a plea of Sahara Group Chief Subrata Roy seeking modification of an earlier order asking him to pay 5,000 crore rupees in cash besides a bank guarantee of an equivalent amount for securing his release from jail. A bench of justices TS Thakur and AK Sikri had, last month, reserved its order after hearing arguments from the counsel of Sahara Group and the SEBI on the fresh plea of Roy.The court had also allowed Sahara to approach its creditor Bank of China for selling equities of three of its overseas hotels to raise the money.Roy, who was sent to jail for non-refund of over 20,000 crore rupees to depositors, was asked by the court to make a fresh proposal for paying 10,000 crore rupees to get bail.

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