SC asks Sahara chief to deposit Rs.10,000 crore
26-March-2014
The Supreme Court Wednesday asked Sahara Group chief Subrata Roy to deposit Rs.10,000 crore with the market regulator SEBI for his release on interim bail from judicial custody.
The apex court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar said that of the Rs 10,000 crore, Rs.5,000 crore would be deposited in cash, and the balance Rs.5,000 crore will be furnished through a bank guarantee.
The court declined to water down its orders as the Sahara Group counsel expressed inability to raise such a huge amount while Roy is in jail.
The counsel urged that he may be released on depositing Rs.2,500 crore with SEBI and sought one month's time for the rest of the amount.
The court adjourned the hearing for Thursday for Roy to respond to its order. - IANS
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