SC sets hefty conditions for Sahara chief's bail

[Hindustani78]

http://indianexpress.com/article/in...ta-roy-parole-extended-supreme-court-4548029/

The Supreme Court on Tuesday extended parole of beleaguered Sahara Group Chief Subrata Roy till April 17. The court has also directed the group to deposit Rs 5,092.6 crore by April 7 for its Roy to get bail. Meanwhile, earlier in February, the apex court had ordered attachment of its prime property worth Rs 39,000 crore at Aamby Valley in Pune in an ongoing case against the business tycoon. Roy has already spent his time in Tihar Jail for this.

Roy, who set up a multi-million dollar business conglomerate, was sent to jail by the top court in 2014 after his group failed to repay the amount to its two crore small investors as ordered by the court.

In an August 2012 verdict, the SC had ordered two of Sahara companies to refund Rs 24,000 crore, along with 15 per cent interest, to more than two crore small investors who had invested in their optionally fully convertible debentures (OFCDs) between the years 2008 and 2011. Sahara was sent to jail on March 4, 2014 for failing to pay a sum of Rs 10,000 crore.

The court then ordered that Subrata Roy Sahara, whose company name adorned Indian cricket team’s jersey for years, will not be released from jail until he was able to raise half the amount in cash and the other half in form of bank securities.

 

[Hindustani78]

http://www.hindustantimes.com/india...arns-sahara/story-zDvz6sLWVshMTIVwgtDjWO.html

The warned the Sahara group on Tuesday that it would auction its Aamby Valley project in Pune worth Rs 39,000 crore if the company failed to keep its promise to deposit Rs 5,092 crore by April 17 with market regulator SEBI.

A bench headed by Justice Dipak Misra also directed the international real estate firm, which showed willingness to buy Sahara’s stake in New York-based Plaza Hotel for $550 million, to deposit Rs 750 crore with SEBI in the refund account and not the apex court registry as it suggested. The amount should be deposited to show its bonafide, the court told the company’s counsel.

“We will auction your (Sahara) Aamby Valley project if the money is not deposited within the stipulated time period as promised,” the bench, also comprising Justices Ranjan Gogoi and AK Sikri, told the company counsel.

The SC has already directed attachment of Sahara’s prime property for realisation of money to be paid to its investors.

The top court had also asked the group to provide a list of “unencumbered properties” that can be put for public auction to realise the balance of Rs 14,000 crore that Sahara owes to the public after its financial schemes were declared illegal.

Sahara boss Subrata Roy was granted parole on May 6 last year to attend the funeral of his mother. He walked out of jail two years after he was sent to Tihar for allegedly evading the top court’s summons requiring his personal presence. His parole has been extended from time to time.