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Sahara has informed the Supreme Court that it can pay 2,500 Crore in instalments of 3 weeks

Suchithra Menon
4 April 2014 6:10 AM GMT
Sahara has informed the Supreme Court that it can pay 2,500 Crore in instalments of 3 weeks
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In a submission before the Supreme Court, Sahara Group has informed the Court that they can pay 2,500 Crore  as bail amount for the release of Subrata Roy in three weeks. The Supreme Court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar has suggested to file appropriate petition if Sahara wanted review  of bail amount for release of Subrata Roy..

In response to the Contempt of Court allegation put forth by Securities Exchange Board of India (SEBI), the Court observed that it will deal with it, Further the Court said;

“It is incorrect to say that Rs. 10,000 Crore is a bail bond. We said it was a part payment of the money required to be deposited The money is towards the releasing the part payment. It will show their bonafide”

Earlier on 26 March, while considering the interim bail application the Supreme Court directed to deposit Rs 10,000 crore for granting bail. Subrata Roy has been in judicial custody since 4th  March.  The Lawyers for Sahara had already intimated about their incapacity to pay such a huge amount and also alleged that Supreme Court was biased against their client.

On 1 April, Sahara Group had given an alternative proposal  that it would make the payment by installments, but the Court refused to consider.

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