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Supreme Court Verdict on Sahara Group

supreme court& saharaThe Supreme Court today granted the Sahara Group an additional three months to furnish a final proposal to secure bail for its chief Subrata Roy, who has been languishing in Tihar jail for the last one year.  Expressing “prima facie satisfaction”, the Supreme Court today granted three months’ time to the Sahara Group to sell its offshore properties to raise Rs 10,000crore for the release of its chief Subrata Roy, who has been in jail for a year for non-refund of over Rs 20,000crore to depositors.

The apex court had asked 65-year-old Roy, who has been in Tihar since March 4, 2014, to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore should be paid in cash and the rest in bank guarantees.

Roy was sent to jail on March 4 last year for violation of the apex court’s August 31, 2012 order directing two group companies to return Rs 24,000 crore to investors. Sahara has deposited Rs 5,120 crore, claiming it had a liability of just a little over Rs 2,000 crore.

A bench of Justices T S ThakurA R Dave and A K Sikri said, “We have given you the final opportunity. This is your final chance. If you fail, we will appoint a receiver for the auction of your assets.”