Subrata Roy may get bail soon as SC mulls defreezing Sahara bank accounts

Chances of Sahara chief Subrata Roy's release from Tihar jail in the near future brightened with the Supreme Court (SC) expressing willingness to defreeze the Group's bank accounts and allow it to sell properties to raise the Rs 10,000-crore bail amount.

"We are willing to pass an order. You (Sahara) tell us you want to raise money. Tell us about the property and bank accounts. You have not given us so far", a Bench comprising Justices KS Radhakrishnan and JS Khehar said on Wednesday.

The Bench, which had last year frozen all bank accounts of Sahara companies and restrained them from selling any properties without its approval, made the remarks as senior advocate Rajiv Dhavan, appearing for the Group, said that it is difficult to raise the money with Roy in jail and the accounts frozen.

At the end of the day-long hearing, Sahara's counsel said that the company will identify the properties along with the bank accounts, inform the court and seek their defreezing. He added that raising money has become difficult as Roy and two senior executives are in jail.

"People sitting in jail under the court's order cannot do business," Dhavan said adding that in order to make things workable there must be variation in order. "Your lordship has been rigid about this case certainly making it difficult to argue," he submitted.

Dhavan further said that the trio is in jail on the basis of an order which does not appear to be legal and the apex court transgressed its power.

Earlier, Sahara's other counsel Ram Jethmalani said that the March 4 order is a complete nullity as it stands in violation of the fundamental right to life and personal liberty.

Jethmalani added that no charges were framed against Roy before sending him to jail.

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