Sahara submits new proposal for Roy's release

Sahara Group on Thursday told the Supreme Court (SC) on Thursday that it is willing to pay Rs 2,500 crore within four days and another Rs 2,500 crore in cash within 60 days for release of its chief Subrata Roy and two directors. This is the Group's fifth proposal as the earlier four had been rejected by the apex court. Appearing before a Bench of Justices K.S. Radhakrishnan and J.S. Khehar, senior counsel Ram Jethmalani and Rajiv Dhavan submitted that the company would make an up front payment of Rs 2,500 crore within four working days and a further payment of Rs 2,500 crore within 60 days of the release of its chairman and other detenues. They also sought a further time of 90 days to furnish a bank guarantee of Rs 5,000 crore or to make the cash payment in lieu thereof as ordered by the apex court for getting bail of Roy and two directors, Ravi Shankar Dubey and Ashok Roy Choudhary.

The apex court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs 10,000 crore out of which Rs 5,000 crore has to be in bank guarantee and rest Rs 5,000 crore in cash. Roy and the directors have been in judicial custody since March 4 for not abiding by the apex court's order for depositing Rs 20,000 crore of investors money with Securities and Exchange Board of India (Sebi). Senior advocate S. Ganesh arguing on behalf of Sahara explained the cash redemption made by Sahara. He submitted that the cash redemption is totally legal and permissible under the Companies Act. The same is also permitted by Sebi in its order dated 23.06.2011. Therefore, the entire amount paid by Sahara in cash is totally justified.
 
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